I am an LLC Member of a hold co that owns an operating business and a r/e rental business. Both are separate LLCs that are disregarded entities. Since both box 1 and box 2 of my K-1 are used, do I use 2 K-1s in tubro tax for the same hold co?

Forum|Forum|5 years ago
September 30, 2020
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Best answer by Anonymous_

If both LLCs are disregarded entities (which presumes you did not make an election for each LLC to be treated as an S corporation for federal income tax purposes and there are no other members), you should not have received a K-1.

Income and expenses from disregarded entities are typically reported on Schedule C (Form 1040).

Anonymous_Answer

Level 15

Income and expenses from disregarded entities are typically reported on Schedule C (Form 1040).

Critter-3

Level 15

If this is a partnership that issued a K-1 form an you have entries in both box 1 & 2 then here is the data entry trick ...

Enter the K-1 and enter everything on it EXCEPT the box 2 amount ... then enter in another K-1 and this time ONLY enter the box 2 amount. The program will automatically merge them.