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frank112
Level 3

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

My K1 has amounts in Part III box 1 and box 2.

I understand that TT requires me to enter 2 separate K1s.

Questions:

  1. Which data of the K1 need to be entered on only 1 of the K1s?
  2. Which data need to be entered in both K1s?
  3. 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

====

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)

 

====

 

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

1 Best answer

Accepted Solutions
tagteam
Level 15

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

OK, if I am understanding your questions correctly, the following would apply.

 


TOTAL TO SCHEDULE K-1, BOX 20, CODE N ($amount here)  Enter it on K1-RE, correct?

 

Yes



ORDINARY INCOME (LOSS) ($amount1 here) - Enter it on K1-OBI - correct? 

 

Yes

 


RENTAL REAL ESTATE INCOME (LOSS) ($amount2 here) - Enter it on K1-RE - correct?

 

Yes

 


SECTION 1231 GAIN (LOSS) ($amount3 here) - Enter it on K1-RE - correct?

 

Yes

 

 

 

 

View solution in original post

6 Replies
tagteam
Level 15

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

Enter the information from Parts I and II on both K-1s in TurboTax.

 

Keep items related to the rental income (Line 2) together on that K-1 (for example, enter Lines 9c and 10 on the K-1 on which you enter the figure from Line 2).

 

You can enter the distribution on either K-1.

frank112
Level 3

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

Could you clarify which Part III amounts go on K1 for Part III box 1 only per the list I provided in the prior thread and copied below?

 

In Part III

Boxes 1,2, 9c, 10, 19, and 20 have amounts in them see below

====

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)

 

====

 

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

 

Thanks!

tagteam
Level 15

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

Yes, but did you receive a separate statement?

 

The Line 20 figure can be entered with your real estate entry (i.e., Line 2).

frank112
Level 3

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

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.

 

====

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?

 

====

 

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.

 

tagteam
Level 15

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

OK, if I am understanding your questions correctly, the following would apply.

 


TOTAL TO SCHEDULE K-1, BOX 20, CODE N ($amount here)  Enter it on K1-RE, correct?

 

Yes



ORDINARY INCOME (LOSS) ($amount1 here) - Enter it on K1-OBI - correct? 

 

Yes

 


RENTAL REAL ESTATE INCOME (LOSS) ($amount2 here) - Enter it on K1-RE - correct?

 

Yes

 


SECTION 1231 GAIN (LOSS) ($amount3 here) - Enter it on K1-RE - correct?

 

Yes

 

 

 

 

frank112
Level 3

My K1 has amounts in Part III box 1 and box 2 - Which info to enter on the

Thanks!

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