Thanks for the help so far.
I do not understand your Yes answer, please explain it.
I did receive additional pages that are part of the K1 that are noted below.
There are 4 amounts noted in the additional pages,
which amounts go in which of the 2 K1s that TurboTax needs me to enter?
Let's call the K1s:
K1-RE (Real Estate) for Part III Box 2 and
K1-OBI (Ordinary Bus. Income) for Part III box 1
Refer to the red text noted as Enter it on K1-___
Please confirm the K1-RE or K1-OBI designations I noted below.
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Per your reply: "The Line 20 figure can be entered with your real estate entry (i.e., Line 2). "
The following additional pages on the K1 statement contain:
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 ($amount here) Enter it on K1-RE, correct?
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SCHEDULE K-1 CURRENT YEAR NET INCOME (LOSS) AND OTHER INCREASES(DECREASES)
DESCRIPTION AMOUNT TOTALS
ORDINARY INCOME (LOSS) ($amount1 here) - Enter it on K1-OBI - correct? This is the same amount on line 1 (ordinary bus income) of K1
RENTAL REAL ESTATE INCOME (LOSS) ($amount2 here) - Enter it on K1-RE - correct?
SECTION 1231 GAIN (LOSS) ($amount3 here) - Enter it on K1-RE - correct? this is the amount noted on K1 box 10 section 1231 (Section 1231 property is real or depreciable business property held for more than one year.)
TOTAL NET INCOME (LOSS) PER SCHEDULE K-1 ($amount4 here) not listed in any box on K1 this is a calculated amount from the above amounts 1,2 and 3.
Thanks for bearing with me.
Suggestion for TT developers: make it easier on your customer and allow all K1 data to be entered on ONE K1 vs. having to create multiple K1s for each box 1, 2, and 3 of K1 part III.
