Hi @DavidS127 :
I am a bit confused by some seemingly conflicting information in a couple of your posts. It is probably my understanding of the instructions which is causing the confusion:
In one post, you note "The boxes 1-20 on the K-1 you received are the combined totals of the main entity and the passthrough entities. You must figure out how much of each box 1-20 is for the main entity versus each passthrough entity, and that is the "split" you use to enter the box 1-20 on the separate K-1s. The total each numbered box for your separate K-1 forms must equal the total for that box on the K-1 you actually received. For example, all box 1 amounts on the separate K-1s should add up to the box 1 amount for the actual K-1 you received."
From this, I assume that if the K-1 amount is $100 and the pass through entity is $20, I create two K-1s in Turbotax, one for $80 (main entity) and one for $20 (passthrough).
However, in another topic I saw that your guidance said "If there are multiple businesses to report, you will need to produce a K1's for each of those businesses:
- You will report the first K1 with the partnership information, EIN etc. Also you will record all the boxes that have income in them (1-20) Record code Z in the first K1 and report the income comes from another business. You will then be asked to record the name and EIN of that business and then fill in the remaining information regarding the 199A income."
From this instruction, (and using the same scenario above) I would assume that for the main entity K1 I would input the $100 directly as that is the amount shown on my K1 and for the pass through entity I would put $20.
Can you please clarify which of these two scenarios is correct?
Thank you.
