Schedule K-1

[sml_19]

On form 1066, I have numbers in boxes 1 and 2. It says I need to input 2 K-1s (one for box 1 and another for box 2). However, boxes 14, 17, and 20 are also filled.  Do I include the information on these boxes for both K-1s?  

[DianeC958]

No, you only include the information for boxes 14,17 and 20 on one of the K-1's.  

The second K-1 is created so the information from Box 2 flows to the correct place in your return.

@sml_19

[Carl]

One K-1 will include boxes 1 and 14. This is for business income/loss

The other K-1 will be for boxes 2 and 17. This is for rental income/loss

As for which K-1 will include box 20, that depends on what the "other information" is for. Business income or rental income?

[sml_19]

Thanks for your answer. For box 20, it is noted to see Statement A - Section 199A: W2 wages.

The amount is under - Unadjusted basis of assets.

Thanks!