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Investors & landlords
Even though the partnership is allowed to report both boxes on the same piece of paper, the issue is that any income or expenses from box 1 activity can't be used to offset any income or expenses from box 2 activity (and vice versa). So if they're entered on the same form, there's no way for TT to know how to split all the other entries on the K-1.
Even though some K-1s are very simple (put all the entries on the box 1 form, and none on the box 2 form), that's not always the case and the program has to be set up to handle the more complicated K-1s.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 24, 2022
11:46 AM