I'm pretty experienced with TT and handling of fairly complex taxes, but every time I think I understand clearly how to enter data from the K1& 3 it seems like there is conflicting info. We have an investment where we are limited partners in two separate private equity funds. (not publicly traded) My understanding is that if I have income in more than one of Box 1, 2 and 3, I need to put all information in the first K1, then make separate K1s for each of box 2 and 3 when there is income in either or both.
QUESTION 1: In one place it said to list everything in Part I AND Part II for each K1 that I do. Somewhere else it indicates I only to enter the Part I A &B data along with either box 2 or 3. IS THIS CORRECT?
On the K3 on page 1, it shows that only Parts 1, 2,3 and 10 apply
QUESTION 2: When it comes to the data on the K 3, I understand that I need to have separate 'K forms' when there is more than one foreign gross income in columns b,c,d, or e
However, one discussion said that with the first K1 with the box 1 number, you could enter from the K3, b,f, and g (f is listed as sourced by partner and g as TOTAL) then with the 2nd K1 you enter Box 2 and c,d, and e
I this correct or do I need to make separate k1 for each of the entries in b,c, d, e and maybe g?
Guidance would be seriously appreciated!
@RobertB4444
