All the dialogue I've seen on this subject is simply to too vague. I can't make heads or tales out of what TurboTax wants or how this section could be so significantly lacking in clear instructions.
I am simply going to post images from my redacted K-1 and hopefully someone can tell me, in painstaking detail how to enter this information into Turbo Tax in a way that the IRS(!!!) wants to see it!
I SUSPECT someone is going to tell me to enter 3 K-1's. One for each boxes 1, 2 & 3. But I simply don't see how that could be accurate. It seems then at no point will i be entering any detailed information about all these other businesses listed in the statement of my K-1. So when i have to chose the check box of "Income from the partnership that generated the K-1" or "the income comes from another business" I'll have to lie here, which leads me to believe something isn't right.
I can't tell if i am supposed to mention all the other business listed on the K-1 or not. Turbo Tax clearly has that section SO LONG AS there is ONLY 1 additional business listed. Why it can't handle more than one, i have no clue. I am dumbfounded that Turbo Tax doesn't have better clarity on this issue.
