K1 has both Lin1 and Lin 2

Forum|Forum|5 years ago
October 9, 2020
1 reply
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My K1 has both lines 1(Business) and 2(Real Estate) entries and Turbo says to create 2 items. Which entry, line 1 or 2, gets the rest of the entries in L3-20?

Do both created items get the same numerical info "J: Partners Share of Profit percentages" and "K: Partners share of liabilities" and "L: Partners Capital Account Analysis" ?

Critter-3

Level 15

Here is the exact steps to take ... you will enter the K-1 twice ... on the first one enter everything EXCEPT box 2 and on the second ONLY enter box 2 ... the program will marry them up automatically.

AmeliesUncle

Level 15

Actually, you need to know which boxes (and the amount of that box) applies to Box 1 versus Box 2 (which is passive income). Although often all of the other boxes may apply to Box 1, that is definitely not the case all of the time.