I received a K-1 that has amounts in both box 1 (ordinary business income) and Box 3 (other net rental income). When I check the box that it reports in more than one of boxes 1, 2, and 3, I got the below message saying I have to enter separate multiple K-1. TT started with Box 3 and I just entered in all the details.
Do I understand correctly that I have to start over with a new K-1 now for Box 1? and if so, do I have to re-enter everything in all the other boxes 4-20 which seems like it would double count? Or am I simply entering in one number for Box 1 detail and skipping everything else? Seems duplicative?
"Since your K-1 reports amounts in more than one of boxes 1, 2, or 3, the partnership/LLC is involved in more than one type of activity. You should treat each activity separately in TurboTax.
Enter the business activity amount, box 1, on one K-1
Enter real estate rental activity amount, box 2, on another K-1
Enter other rental activity amount, box 3, on a third K-1.
This will allow TurboTax to properly track your loss carryovers. This is especially important if you ever sell your interest. For all amounts reported following Box 3, look for a statement attached to your K-1 to help you allocate these amounts to the proper activity."
