yes, 2 k-1 are required in Turbotax. box 1 and related items are entered on one box 3 and related items are entered in another K-1. Certain items (nonpassive) don't matter like interest or dividend income.
the real reason is that if the partnership were to dispose of one these activities any suspended losses for just that one would then be allowed while the losses of the other would be suspended. also, the nature of the activity disposed of changes from passive to nonpassive.
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The problem arises when you dispose of the partnership investment, then you need to enter disposal information for both k-1's so that both k-1s go away when you roll to next year and all suspended losses are allowed.
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I had a situation where I had multiple activities and used multiple k-1s. then I sold but the final k-1 did not separate disposal info for each activity.
