My K1 has amounts in Part III box 1 and box 2.
I understand that TT requires me to enter 2 separate K1s.
Questions:
- Which data of the K1 need to be entered on only 1 of the K1s?
- Which data need to be entered in both K1s?
That is I assume that Part I and II of the K1 will go on both K1s, correct?
In Part III
Boxes 1,2, 9c, 10, 19, and 20 have amounts in them see below
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There is the following additional info on the K1 statement:
SCHEDULE K-1 BUSINESS INTEREST EXPENSE, BOX 20, CODE N
BUSINESS INTEREST EXPENSE -
(INCLUDED IN RENTAL REAL ESTATE
INCOME (LOSS))
TOTAL TO SCHEDULE K-1, BOX 20, CODE N ($amount here)
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SCHEDULE K-1 CURRENT YEAR NET INCOME (LOSS) AND
OTHER INCREASES(DECREASES)
DESCRIPTION AMOUNT TOTALS
ORDINARY INCOME (LOSS) ($amount1 here)
RENTAL REAL ESTATE INCOME (LOSS) ($amount2 here)
SECTION 1231 GAIN (LOSS) ($amount3 here)
SCHEDULE K-1 INCOME SUBTOTAL ($amount4 here).
NET INCOME (LOSS) PER SCHEDULE K-1 ($amount4 here).
====
There is
SCHEDULE K-1 FOOTNOTES
SECTION 199A INFORMATION, BOX 20, CODE Z:
ORDINARY INCOME (LOSS): REPORTED ON SCHEDULE K-1, LINE 1
RENTAL INCOME (LOSS): REPORTED ON SCHEDULE K-1, LINE 2
SECTION 1231 GAIN: REPORTED ON SCHEDULE K-1, LINE 10
Thanks in advance
