The learn more link does not at all explain what information should be repeated on subsequent entries of the same K1, each for box 1, 2 and 3. It also is very ambiguous as to what business that generated the K1 means. If I select that box I get a different result than if I don’t. If I don’t, it allows entry for rental income and other activities which is what I did at last because none of the experts could tell me what to do.
This forum has many people baffled by the same issues.
Do there are 2 issues!
1) In the case of a LP with addendum listing other companies with their own activities, Turbotax does not explain what should be entered for each one for each section. Parts 1 and 2 pertain to the business that generated the K1 and the overall capital distribution which should not be entered when entering new k1s for the other companies listed. It has zero instruction and it only mentions that new k1 should be entered but not what information to enter.
2) Some businesses have income in boxes 1, 2 and 3 and Turbotax does not explain the hat information from items 1 to 20 should be re entered. Is it just box 2 and leave all other empty? Is it box 3 and leave all othets empty? Or fill out all other boxes as done when filling out the K1 for Line 1 Ordinary income? Who knows? It doesn’t say.
Please run through the online premier version of Turbotax and see for yourself. It is not bullet proof. I am sure I entered my forms wrong and despite asking for a review from your useless experts who didn’t know what to do, your software assured me all is accurate... How can it possibly know that? Please run through the process yourself before giving bogus advice.
