It depends. There are two different types of income which is the reason for creating two K1s for the same entity. The rest of the boxes can be reported on one of the K1s however, if one of the income figures is a loss, then I would report the rest of the boxes on the one with positive income.
- Example: If you are using a 1065-K1 and you have entries in Box 20, it will be for qualified business income deduction (QBID), also known as Section 199A. You would see a Code Z and possibly more entries. It may be on a statement and not specifically noted on the K1.
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