The preparer of your K-1 may have reported more than one activity on one Schedule K-1.
Hopefully, the preparer of the K-1 has provided an attachment outlining the breakdown of incomes, expenses and attributes that are listed on the K-1. The original K-1 and the attachment provided by the preparer of the K-1 may look like this.
Original K-1 Box 1 only Box 2 only
Box 1 $1,000 = $1,000
Box 2 $500 = $500
Box 5 $100 = $75 $25
Box 6a $200 = $150 $50
Box 6b $100 = $75 $25
W-2 wages $50,000 = $25,000 $25,000
UBIA $100,000 = $50,000 $50,000
The partnership should provide section 199A information to compute the qualifying business income deduction for the entity as well as the individual box 1 and box 2 incomes.
At the screen Choose Type of Activity, click This K-1 reports in more than one of boxes 1,2, and 3.
Since your K-1 reports amounts in more than one of boxes 1, 2, or 3, the S corporation is involved in more than one type of activity. You should treat each activity separately in TurboTax.
So there will be one K-1 entry for box 1 income. Only click on box 1 and the statement "This K-1...".
There will be a second K-1 entry for box 2 income. Only click on box 2 and the statement "This K-1...".
The other boxes of the K-1 may refer to either box 1 income, box 2 income or a combination. The preparer of the K-1 may have included attachments or detail which explain how those items break down.
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