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How do I file multiple K1s when I have a value in box 1 and 2 but also values in categories D and E in box 16?
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June 4, 2019
12:27 PM
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Business & farm
So, on the original K-1, I enter the info from Parts 1 and 2. When I get to Part 3 (choose type of activity) I click only on business - box 1. I report the ordinary income. Then I get to the page where I check boxes that have an amount. Here, I do check box 16? But then when I get to the page to enter box 16 info. I enter only A, B, C, D, and G, leaving out 16E? Then on the second K1, when I check the boxes that have an amount, I only check box 16? Then, I fill in 16A again and 16E?
For the second and third K1 I skip over all pages other than for the variables you have already outlined?
For the second and third K1 I skip over all pages other than for the variables you have already outlined?
June 4, 2019
12:28 PM
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Business & farm
Yes, the idea is that all amounts are entered only once, but in the appropriate k-1. !6A is the name of the country and should not be an issue.
June 4, 2019
12:28 PM
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Business & farm
That's great. You have been so helpful. Thank you for sharing your time and knowledge.
June 4, 2019
12:28 PM
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Business & farm
On the original K-1, delete box 2 and box 16E. Leave the remaining entries as is. This K-1 is for business ( box 1) and passive category only.
Bring up a new K-1. Fill in Part 1. Ignore Part 2. In Part 3, insert the country in 16A and the amount into 16E. This is for general category only.
Bring up another new K-1. Fill in Part1. Ignore Part 2. In Part 3, insert the amount into box 2. This is for rental income only.
June 4, 2019
12:28 PM