topic K1 and amended return in Get your taxes done using TurboTax

K1 and amended return

snelson_55125 — Mon, 23 Aug 2021 12:44:25 GMT

I received an unexpected K1 (my first one) after I filed my 2020 taxes so I am filing an amended return. I see that I am supposed to do 2 separate K1's in Turbo Tax as I have entries in box 1 (ordinary business income loss) AND box 2 (small net rental real estate income). I do have entries in other boxes (5, 9a, 10, 13, 17, 18, 20) so do I need to duplicate all of those other entries for each K1 (the one box 1 loss and the one for box 2 income) or do I only need to enter the information from those other boxes into one of the K1s (the one that reflects box 1 loss or box 2 income)? Thank you for your help.

Re: K1 and amended return

Mike9241 — Mon, 23 Aug 2021 19:10:31 GMT

do not repeat reporting any of these items on both k-1's

you can report as follows

line 5,9a,13,18 - either k-1

line 10 same k-1 as line 9a

line 13 need to know which lines a,b,c etc- any that are itemized deductions can go on either k-1 but others may have to go on a specific k-1 - you should have gotten details

line 17 this too may have to go on a specific k-1 - again details should have been provided

line 20 is just like line 13. some may need to go on a specific k-1 others may not even have to be entered.

Re: K1 and amended return

Critter-3 — Mon, 23 Aug 2021 19:21:40 GMT

I have never had any issue following this standard method ...

On the first K-1 entry enter everything EXCEPT line 2 and on the second K-1 enter ONLY line 2. The program will marry them together for you.

Re: K1 and amended return

snelson_55125 — Thu, 09 Sep 2021 15:23:15 GMT

Hello, and thank you so much for the detailed response and providing you with answers to your questions:

line 13 need to know which lines a,b,c etc- any that are itemized deductions can go on either k-1 but others may have to go on a specific k-1 - you should have gotten details: had lines A (60% cash contribution from pass-through entities), B (30% cash contribution from pass-through entities), and V (section 743b negative adjustments from pass-through entities)
line 17 this too may have to go on a specific k-1 - again details should have been provided: had lines A (post-1986 depreciation adjustment from pass-through entities) and B (adjusted loss from pass-through entities)
line 20 is just like line 13. some may need to go on a specific k-1 others may not even have to be entered: had line A (no detail provided) and AE (excess taxable income from both trade\business and from pass-through entities)

Does that help?