You will only enter the amounts from the K-1 - never the whole amount to be multiplied by a percentage. The reason TurboTax asks what percentage you own is because having a greater than 10% interest is required for certain credits.
Creating a second K-1 should be easy. Only one number needs to go on that second K-1 - either the box 1 number or the box 2 number - doesn't matter which. All of the rest of the information can go on the first K-1.
@wsalopek
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