topic Form 1065 K-1 income in Business & farm

Form 1065 K-1 income

michael_firkins — Mon, 14 Dec 2020 18:52:05 GMT

I am inputting the Part III income from boxes 1 and 2. Turbotax requires I complete a separate K-1 for each of these entries. Additionally it asks for all the other information from the K-1 for each of those forms. Do I add all the information from all the other boxes (3-20) on both of the K-1 forms that I'm completing for 1 (ordinary business income) and 2 (net rental real estate income)? I have info in box 3 (interest income) and also Section 199A (box 20, code Z) that describes the income and UBIA. It doesn't intuitively seem correct to record all this information twice. Thanks!

Re: Form 1065 K-1 income

Anonymous_ — Mon, 14 Dec 2020 20:01:45 GMT

No, just enter Boxes 1 and 2 separately. Do not duplicate the other entries.

Re: Form 1065 K-1 income

Anonymous — Mon, 14 Dec 2020 20:23:24 GMT

pay special attention to box 20. if there's info there some may apply to line 1 while other info may apply to line 2. but again only enter once on the appropriate k-1.

Re: Form 1065 K-1 income

Critter-3 — Mon, 14 Dec 2020 21:17:47 GMT

On the first K-1 enter everything EXCEPT box 2 and on the second on enter ONLY box 2.