AliciaP1
Expert Alumni

Business & farm

Yes, if your K-1 has info in multiple of boxes 1, 2, & 3, you must enter 2 K-1s for each partner into TurboTax.  On the first K-1 enter 1 of the amounts from box 1 or 2 (in your case) and the rest of the boxes as reported in total.  Then create another K-1 for the same partner from the same partnership and enter the amount from the other box (1 or 2 in your case) only.  Then repeat the process for the other partner, so you will have 4 K-1s in the end.

 

You cannot file your multi-member LLC as Schedule C income, even as a husband/wife partnership, since the business is registered as a legal entity (LLC).  

Per the IRS:

LLCs owned by a husband and wife are not eligible to be "qualified joint ventures" (which can elect not be treated as partnerships) because they are state law entities.

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