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K1 with boxes 1 and 2, and multiple passthroughs for 20Z STMT
Hello TurboTax experts.
I need help completing my taxes with the latest K1 I received. My K1 has in Part 3 boxes:
- 1
- 2
- 13W*
- 14A
- 20N*
- 20Z* STMT
- The STMT has 2 Passthroughs with:
- 1: Rental loss, W-2 wages and unadjusted basis of assets
- 2: Rental loss, other deduction and unadjusted basis of assets
I read about the need to split my K1 into 2 K1s since it has boxes 1 and 2 (2 is the primary use) such as here. But, I have few additional questions that I hope to get guidance on:
- Do I need to further split K1 into 2 K1s for each of the passthroughs, or can I just collectively sum things up from STMT and input the accumulative into the K1 that handles box 2?
- The 13W also corresponds to Other deductions of passthrough #2, so I don't double count, correct?
- 14A is 0, but should it still be on the main K1 that handles box 2?
- 20N I get message from Turbox tax that it is not affecting my taxes, so nothing to do beyond inputing ion the main K1?
- Finally, and most critically, two questions about passthroughs if I can combine them:
- The rental loss collectively adds up to box 2, so I junt input it once there, correct?
- Lastly, can I sum their unadjusted basis of assets, and do I input it under UBIA of the same business?
Thank you so much for the guidance. First time dealing with K1s.
‎June 22, 2022
3:44 PM