Thank you, this is great!
Still one more clarifying question...
"2. To record the second business, create another K1 with the information about the partnership but leave the boxes blank except for Box 20 Code Z information. Here you will record the information about the business, EIN, and so on and so forth."
I understand that you should leave the boxes blank for the numbered boxes, but what about the beginning of the K-1 info, like where it asks the percent share of profit, loss, and capital (J) and then the partner's Capital Account Analysis (L) (Beginning capital account, capital contributed during the year, current year net income (loss)... ending capital account. And (K1) Partner's share of liabilities? I suspect some of these are going to be required. Can we trust Turbotax won't double count this information? Are there any of these we should try to leave blank?
Thanks again!
