Everything I can find indicates that I should enter two K-1s into TurboTax - one for Box 1 (Ordinary business income) and 1 for Box 2 (Net rental real estate inc). However, other resources suggest creating individual K-1 entries for each business indicated on the attached statement of Section 199A items. How many K-1 entries should I create (two, eight, or sixteen)?
One of the eight LLCs is the principal company which owns and manages the others, which are listed as "Rent - A Single Member LLC" and one "Passthrough" LLC. None of the child corporations detail an individual EIN.
My best guess is to create eight separate K-1 entries in TurboTax and try to reverse engineer the information I have into eight separate 1120S forms. Or should I just create one entry for ordinary income and one entry for rental income and create two Section 199A sums from all associated businesses for Box 17 Codes V, W, and X?
