Hello,
I received a massive K-1/K-3 from a hedge fund, and I think TurboTax (using Premier Desktop) is overall not very equipped to handle it.
Under line 11, I have numerous items listed: 11a, 11c and 11i. 11a and 11c seem to be recognized by Turbotax, but for 11i I have all these different listings:
NET IRC SECTION 475(F) INCOME
NET IRC SECTION 988 GAIN
NET SWAP INCOME
DIVIDEND EQUIVALENTS - SWAP INCOME
OTHER ORDINARY INCOME
During the interview, if I manually enter each item using the "I have another description item" option, the income doesn't get counted in the overall 1040, and the only way to get the income accounted for is to lump all those amounts under "Other non-passive income to be reported on schedule E, page 2". However, I really don't know if I am legally allowed to do so, I'm afraid I will get in trouble.