@77rabtz There are numerous rules on whether different categories of income and loss can be combined, or must be kept separate. As an example, box 1 losses and box 2 gains can't be combined. Dividends aren't passive, so don't combine with box 1 losses. Etc.
TT will categorize, track, and report this appropriately. It will not track basis though. You'll have to do this yourself, where any untaxed cash received lowers basis, any non-cash K-1 entry to raises / lowers your taxes will also raises / lowers your basis. This calculation will usually mimic the capital account info provided by the partnership, but you'll want to track it yourself as well since the tax rules change when your basis reaches 0. At that point, TT will provide minimal guidance.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
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