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K1 form with more than 1 income catagory

My federal schedule K-1 (Form 1065) has income listed in 2 income categories, part III boxes 1 and 2. Turbo Tax is generating errors and says I must enter 2 K-1s, with only 1 income category in each. This automatically generates 2 state K-1s, but my state K-1 form only includes the combined sum of the income categories. I can delete one state K-1in the forms list, but if I go back to federal, the 2nd state one regenerates.

Is it really true that only one income category can be entered on a K-1? It certainly wouldn't be true if mailing in paper copies the "old fashioned" way. Instead of deleting the 2nd state K-1, would it raise questions if it was just zeroed out? (Left as-is, my taxes go up.)

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1 Reply
RobertB4444
Expert Alumni

K1 form with more than 1 income catagory

If the first state K1 is combining the income then zeroing out the second state K1 makes it accurate and will not effect the filing any.  It also sounds like the right thing to do.

 

@Charlies_Uncle 

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