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Deductions & credits
Do I just add one for the same company on the forms generator? -------- Yes
Would I fill out all the other info that the original one had, except change the Box 16 inputs? --------- No. You only want to enter anything tax related once. So typically that means entering the whole K-1, except the problem entry(s), on the first worksheet and then the problem entry(s) on the second. Both would have the same company name, etc though you might give the second one a name like ABC partnership (reporting 16N)
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
May 5, 2021
3:19 PM