@AmyC thanks that is helpful to know.
Say I have a K-1 with Box 1 and Box 2 entries.
Two follow up questions:
- Should I mark the two different K-1's I enter into TT as an aggregated business? It is really the exact same business, not two separate businesses, so my guess is "no". But then TT must internally aggregate them somehow.
- On the K-1 I create with only the Box 2 entry, what do I do about entering the partner's share of profit / liabilities and the capital account? There is a note saying that the Ending Nonrecourse liability is mandatory, so do I have to enter that for both K-1's? Or can I leave everything blank on the Box 2 K-1?
