Yes, when you receive Schedule K-1 with entries in Box 1 and Box 2, you need to create another K-1 for Box 2.
To do this, look for the button at the bottom of the Schedule K-1 summary page that says, "Add Another K-1."
Enter all the information from Part I and Part II of the K-1 on both copies. Include all information from Part III on the first copy - except for the amount in Box 2. The second copy should have only Box 2 from Part III.
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