TurboTax does need to have the information reported on two K-1s when the nature of the income is in more than one category. You will enter one to report the income reported in box 1 and a second K-1 to handle the income reported in box 2. The second K-1 will have the same basic information as the first one (name, Federal ID number, etc.), but it will report the income for box 2.
As for the other items reported on the K-1, If you have enough information provided with your K-1 so that you can divide the items between the business and rental portions of the K-1, then you can do that and report each deduction item with the appropriate income. Just be sure that the total between the two K-1s does not exceed the amount reported on your single K-1 form. Do not duplicate any entries.
Or, you can include everything but the income in box 2 on the first K-1 and then for the second K-1, only enter the income shown in box 2.
Be sure that when you are entering the information for the QBI deduction that you have gone through all of the follow-up screens to enter the additional information required for QBI.
[edited 3/26/2022 | 8:05 am PST]
@bama21
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