I'm not sure which K-1 you're looking at, but this is how each of them is posted.
If you have a K-1 for a Form 1065 Partnership,
- Bos 5 is labeled interest, and
- it does get posted to box 2b Taxable Interest on your 1040.
If you have a K-1 for a for an S-Corp, Form 1120-S
- Boxes 5 a&b are dividends, and
- are posted to lines 3 a&b on your 1040.
If you have a K-1 for a Trust or Estate Form 1041
- Box 5 is Other portfolio and Non-Business income.
- It is posted to Schedule 1 line 5, and
- Line 8 Other income on the 1040
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