topic Re: Multiple K-1s 1099 Info using same company name in Get your taxes done using TurboTax

Multiple K-1s 1099 Info using same company name

cburt — Sat, 26 Feb 2022 16:21:06 GMT

TurboTax 2021 Premier desktop edition. I have 2 K-1s. A LLC (1065) and a S Corp (1120S).

I enter the K-1 info for the S Corp. (CompanyName1 TaxID-1)

I enter the K-1 infor the the LLC (CompanyName2, TaxID-2)

When I get to the screen "We need some information about your 199A income for the LLC (CompanyName2), it uses as the business name CompanyName1 on those questions and the rest of the questions in the section. For example, it should say "CompanyName2 has business income(loss)." Instead it says CompanyName1 has business income(loss). When it generates form 8995, it lists CompanyName1 twice on the form (but correctly with my different TaxIDs. and the correct QBI for each. On the QBI worksheets, CompanyName1 is listed twice but with different taxids and QBI calculated correctly for each taxid. Part II of Schedule E correctly lists the two companies with the correct different names. In the "generated" Turbotax K-1 1065, in Section D1 it list the Partnership Name corectly as CompanyName2 , but the Trade or Business as CompanyName1 with TaxID-2. I think this is a bug? I haven't had this issue in previous years.

Re: Multiple K-1s 1099 Info using same company name

JamesG1 — Wed, 02 Mar 2022 22:53:59 GMT

I have entered a partnership/LLC (form 1065) K-1 and an S corporation (form 1120S) K-1 in TurboTax Desktop Premium version.

At every point on the entry screens, the correct name of the partnership or 1120-S is reported.

On the IRS Form 8995, I am seeing two lines for the partnership K-1 and the correct names, EIN's and dollar amounts are reported but that partnership reported both box 1 and box 2 income. I had expected to see both lines of income reported on the form.

Is CompanyName1 also reporting box 1 and box 2 income on your tax return?

Re: Multiple K-1s 1099 Info using same company name

cburt — Mon, 14 Mar 2022 19:18:53 GMT

CompanyName1 (SCorp) has Box1 income. CompanyName2 (LLC) has Box2 income. Form 8995 lists CompanyName1 Correct Income for CompanyName1

CompanyName1 Correct Income for CompanyName2

So the numbers are correct, but where it should say "CompanyName2 on Form 8995, it repeat CompanyName1. If there is somewhere I can send my .tax form securely to have this looked at, I'd be happy to. I just downloaded all updates and the issue is still there.

Re: Multiple K-1s 1099 Info using same company name

cburt — Mon, 14 Mar 2022 19:24:32 GMT

P.S. If I switch to Forms, I have two QBI Component(CompanyName1) forms, but if you look at the form, one has the taxID of CompanyName1 and the other of CompanyName2 as well as the corresponding (different) incomes.

Re: Multiple K-1s 1099 Info using same company name

cburt — Mon, 14 Mar 2022 19:32:10 GMT

I also just noticed that On my QBI Income Deduction Summary, there is only room for 3 companies; I have 4. In addition to the two K-1s, I have a Schedule C sole proprietorship and a Schedule E Rentoal property. Perhaps this is part of the issue?

Re: Multiple K-1s 1099 Info using same company name

RobertB4444 — Tue, 15 Mar 2022 17:27:26 GMT

@cburt It may be part of the issue - TurboTax may be forcing a summary using the first company entered as the name for the summary entry. I am going to say that if all of the math is correct and the EINs are correct (way more important than names) then the return is going to fly.

That being said I understand wanting all of the details to be correct so you are probably better off having someone walk through the return with you to look at your entries so I recommend getting live expert help.

Here is a link to finding a TurboTax expert.

However, that requires upgrading your product which may be an expense you don't want. In that case you can call an expert and ask questions over the phone.

Here is a link to the TurboTax Phone Number.