Maybe you should clear up some details for me. Your S-CORP receives a K-1 from the partnership. If that K-1 is in the name of the S-CORP, then that is reported in a separate Business return as income received by the S-CORP. At this point, a K-1 gets issued in your name for you to report in your personal return. You need to purchase Turbo Tax Business product to report the income from the partnership to your S-CORP.
Now, that amount reported gets passed down to you and reported as K-1 income in your personal return. You would just report what is included in Box1.
I hope this answers your question. Both K-1's need to be reported as two separate events-one in a business return and one in your personal return.
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