Yes, if you have amounts on more than one line of boxes 1, 2 or 3 of your K-1, then TurboTax needs you to enter the K-1 form for each business activity. And, yes, in your situation for the 2nd K-1, you would just fill in box 2 and leave all the others blank.
Here are the instructions, plus see a sample screenshot below:
Type of Activity
To determine what type of activity your partnership/LLC/Scorp was involved in, look at boxes 1 through 3 of your Schedule K-1. An amount on:
- Box 1 indicates business activity
- Box 2 indicates real estate rental activity
- Box 3 indicates other rental activity.
- Other indicates a single activity other than a rental or business activity. This might include something like an investment club.
If your K-1 does not have an amount on these boxes, select Other.
Note: If your K-1 shows more than one type of activity, treat each one separately. Enter all business items on one K-1, all real estate rental items on another K-1, and all other rental items on a third K-1.
