If more than one box of the boxes 1, 2 and 3 of Part III (Partner's Share of Current Year Income, Deductions, Credits and Other Income) of a single Schedule K-1 have nonzero values in them, then Turbotax says you need to input data into Turbotax as if you have a separate K-1 for each box with a nonzero value. So, for example, if boxes 1 and 2 have nonzero values in them, then you have to input data into Turbotax as if you have two separate schedule K-1s.
The K-1 that I received is for a Publicly Traded Partnership whose main business is not in Real Estate. I have thousands of dollars of loss in Box 1 (Ordinary Business Income), but less than 20 dollars income in Box 2 (Net Real Estate Income). So I inputted the data into Turbotax as if I have two separate K-1s. But this essentially resulted in a doubling of the Ordinary Gain on Line 14 of Form 1040 (and Line 10 of Form 4797) compared to the Ordinary Gain that is shown on the K-1 I have. This seems like it must be incorrect.
But given the fact that Turbotax says you have to enter data as if you have a separate K-1 for each box with a nonzero value, I'm not sure what to do. Should I be inputting less data into the second K-1 section of Turbotax?
