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Schedule K-1 with Multiple Activities

hoken — Mon, 09 Mar 2026 10:51:54 GMT

I have a Schedule K-1 with Box 1 ordinary Business Income and Box 2 Net Rental Real Estate Income. Also in Statement A - QBI Pass-through Entity Reporting, there are 2 columns with numbers. One column has the ordinary business income. The second column has the rental income and W-2 wages. I need help with the following. Thank you!

I understand that I need to create two K-1s in Turbo Tax. But for the numbers in box 4 to box 17, do I need to split the values or could I just fill the first K-1 with the numbers and leave these boxes blank in the 2nd K-1? I do not have the information to split the numbers.
When I created two K-1s, Turbo Tax also asked me to fill up two Form 7203. Is it possible to use one Form 7203 for both K-1s?
How should I answer the question "Is the business generated the Section 199A income a separate business owned by the S Corporation?" Basically our LLC invested in a project and received the money from the company that runs the project. I received money from our LLC, not from that company directly

Re: Schedule K-1 with Multiple Activities

AliciaP1 — Sun, 17 Apr 2022 22:07:44 GMT

You should not split any of the box amounts.

If both Box 1 and Box 2 are a loss you are going to have to report both 7203s. You will show the same beginning basis and contributions for both but report the box 1 loss amount on the K-1 with that loss and report the Box 2 loss amount on the K-1 reporting Box 2. If only one of the boxes has a loss and you have a distribution in box 16 code D, be sure to report the loss and box 16 on the same K-1. This will eliminate the need for 2 7203s.

Finally, based on your statement, your business generates the income itself, so you will answer no.

Re: Schedule K-1 with Multiple Activities

hoken — Mon, 18 Apr 2022 13:17:52 GMT

@AliciaP1 , Thank you for the reply. I have a loss in box 1 and a gain in box 2. There are also numbers in box 8c, 9, and 16. I seems that if I enter these numbers on both K-1s, the gain in box 8c and 9 will be double counted. Therefore should I just enter these gains (box 8c and 9) in one K-1 and leave them blank in the 2nd K-1? Also do you mean that I should leave box 16 blank in the K-1 used for the gain in box 2? Thanks!

Re: Schedule K-1 with Multiple Activities

BSKelley — Tue, 30 Apr 2024 23:46:51 GMT

I have a number of K1s which have multiple activities (amounts showing in box 1 and box 2). I understand that it becomes necessary to create 2 K1s in TT, but, not knowing which information is used in what way, I do not know how to properly fill out each K1. I've tried using "Live Help", but that person did not understand it as well as I did (and I specifically asked for someone familiar with this precise situation).

How can I get connected with someone to either help me do this correctly, or to do it for me (I'm perfectly willing to pay!) who I can be certain understands what they are doing and will do it correctly?

Re: Schedule K-1 with Multiple Activities

KristinaK — Thu, 02 May 2024 17:23:21 GMT

Generally, the breakdown can be done this way:

The first K-1: Box 1 and the rest of the boxes.

The second K-1: Box 2.

My suggestion for contacting TTLive is to place a call and then ask for a callback of a tax pro that specializes in Schedule K-1s. Hope this helps!

Re: Schedule K-1 with Multiple Activities

KenK — Mon, 07 Apr 2025 16:17:56 GMT

Thank you for the explaination for splitting the K1 into 2 entries of K1's for box 1 and 2 (enter all numbers in boxes for box 1 K1 and for the box 2 K1 do NOT enter the numbers from the other boxes. But what about when TT asks us to fill in W-2 wages and UBIA #'s and section 199A income #'s that are on the following sheets of the K1 package? Do we enter those in just one of the Box 1 or Box 2 K1's ? If the K1 was for an apartment fund with a few bldgs. we have to add up all the numbers in each column for all the bldg.s to fill in the total for the W-2 wages and UBIA #'s and also the section 199A income? Thanks so much

Re: Schedule K-1 with Multiple Activities

PatriciaV — Tue, 08 Apr 2025 20:04:40 GMT

You will need to identify the source of the Section 199A income - was it ordinary income from Box 1 or Rental income from Box 2?

If you have several rental properties that contribute to QBI, you will need to enter the totals in the related QBI boxes in TurboTax.

@KenK