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Get your taxes done using TurboTax
Actually to answer your question, here is the precise method to report the three K1's. Don't deviate from this instruction.
- Without looking at this, I think the issue is in Box 20 with a code Z, that reports three different businesses. If so:
- You will report the K1 you received as it is listed on the K1, including all of the entries that should go into the boxes, and then report Box 20 code Z without an amount.
- Now as you answer the questions, there will be a screen entitled we see you have 199A income. Here is where you will will select the box that says This income comes from another business. After you make this entry and press continue, the next screen will ask you information about this business. This information is listed is listed in your supplementary statement.
- After you finish the first K1, you will prepare the second K1 listing the partnership that issued this K1 to you.
- Here you will leave all boxes blank except for Box 20 code Z. Here you will repeat the same step in listed in Step 3.
- For the third K1, repeat steps 4&5.
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May 5, 2021
5:26 PM
5,746 Views