Hi, I have a couple of questions for some partnerships I received a “final K-1” for this year that have had to create two entries as separate K-1s, one for Box 1 income, and one for Box 2 over the past few years. What I have done is put only Box 1 income and nothing else in the first K-1 entry, and Box 2 + everything else in the second K-1 entry. I have also entered them in TT as “partnership_xyz” and “partnership_xyz_for box 2” to help keep things clear. In the final year, should I change the name so they match 100% to help TT merge these?
When I close the first K-1, I am marking a $0 "sale price" and $0 basis, and focusing on the closing the second K-1 entry to put the actual sale distribution and basis amounts. It does ask for Ordinary Gain in the closing screen--what typically would go there? I'm assuming that's not Box 1 income. It also asks for 1250 Gain--is that across the entire lifetime, or just in the final year?
