Does TurboTax Business support K-1 for someone who is both a general and limited partner?

[Anonymous]

Schedule K-1 (Form 1065), Item G asks whether a partner is a general partner, a limited partner, or both.  Instructions for Form 1065 on How To Complete Schedule K-1 state: "If a partner holds interests as both a general and limited partner, check both boxes and attach a statement for each activity that shows the amounts allocable to the partner's interest as a limited partner."

Question 1:  Is there a way to do this (check both general and limited partner boxes, and generate the statement required by the IRS above) in TurboTax Business, including possibly using the Forms Mode?  If not, is there a way to do this part by hand (while preparing most part of the tax return in TurboTax)?

In case it makes things easier, we can assume that the partner in question is a general partner for part of the tax year and is a limited partner for the rest of the tax year.

Question 2:  Is it allowed to file two Schedule K-1's to the same partner for a tax year, one for the general partnership interest and the other for the limited partnership interest?

[tagteam · Accepted solution]

You might want to contact Support for this issue (link below), but it does not appear as if you can generate only one K-1 given this scenario. You will either need to generate two K-1s or print the return, make the adjustments manually, and the mail the return.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

[Anonymous]

two k-1's would be required since you have two different types of interest. 

[Anonymous]

Thanks.  Is there a reference (from the IRS or somewhere else) showing that it is okay for a partnership to issue two K-1s to the same person?  (The instructions for Form 1065 seem to ask for a single, combined K-1 with an attached statement showing the breakdown.)