Our new LLC / partnership has rental income and also some expenses not attributable to a specific rental property; things like accounting costs, bookkeeping costs, registered agent fees, state registration fees, some office expenses etc. etc.
TT Business 2023 gladly accepts all this correct info into the 1065, and generates K-1 where it lists the generic costs / expenses in box 1 [Ordinary business income (loss)], and the rental income in box 2 [Net rental estate income (loss)].
TT Premier 2023 is terribly upset about these K-1 boxes. Symptoms include:
- It wants me to select a "Type of Activity Reported on this Schedule K-1", the options are "Business", "Rental Real Estate", "Other Rental Activities", "Other (investment club, etc.)", and "Multiple types of activities".
Problem #1 = the K-1 printed by TT Business 2023 does not indicate this.
- Selecting the logical "Rental Real estate" checkbox, I get
Problem #2 = TT Premier 2023 triggers errors if I enter any data in box 1, tells me "Box 1 should not have any amount, checked participation box is for box 2". It does not let me copy info from the partnership's K-1.
- Leaving all selection checkboxes blank is no better. TT Premier 2023 still does not let me enter the box 1 values.
Am I missing something simple here, if so what?
Is this an incorrect behavior by TT Premier 2023 in its current version?
Otherwise, how can I enter the box 1 info from the partnership's K-1 into my 1040's K-1 form?
