DavidS127
Expert Alumni

Get your taxes done using TurboTax

Because your K-1 is reporting Section 199A information generated by the S Corp and Section 199A information generated by a pass-through entity, you'll need to "split" this K-1 into separate K-1s for entry into TurboTax.  Enter one K-1 with only the "box" amounts generated by the S Corp itself, and additional K-1s with only the "box" amounts generated by each pass-through entity.  For all these K-1s, use the same identifying information for the "main" S Corp that sent you the K-1 (e.g., name of trust, address, EIN, etc).

 

The boxes 1-17 on the K-1 you received are the combined totals of the main entity and the passthrough entities.  You must figure out how much of each box 1-17 is for the main entity versus each passthrough entity, and that is the "split" you use to enter the box 1-17 on the separate K-1s.  The total each numbered box for your separate K-1 forms must equal the total for that box on the K-1 you actually received.  For example, all box 1 amounts on the separate K-1s should add up to the box 1 amount for the actual K-1 you received. If you can't figure (deduce) that "split" from the information you have, you will need to contact the preparer of the K-1 to get those amounts.

 

Note that when you enter each K-1, you'll encounter the question "Is the business that generated the Section 199-A income a separate business owned by......?" screen, TurboTax is asking if the Section 199-A income was passed through to the "main" S Corp sending you the K-1 by another partnership, S-Corp, or trust; versus being generated by the business operations of the S Corp that sent you the K-1.  So, on one of the K-1s you enter you will answer that it is from the S Corp, and on the other you will enter that it is from a pass-through entity.  TurboTax will then ask for the name and EIN of the pass-through entity.

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