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JB Dayrelton
Returning Member

Entering rental K-1 is misleading and needs to be fixed ASAP

Wnen entering a rental K-1 (one with values in Boxes 1 & 2) input is simply horrible. It does have a box to check if you have values in both boxes, any says you have to enter the K-1 data twice, once with Box 1 and once with Box2. It however DOES NOT explain that you should NOT DUPLICATE other boxes. I found this out when long term capital gain on my personal return WAS DOUBLED. Also same for a charity donation.

After exhaustive searching I found an article saying to enter all other boxes with Box 1 and then on the second entry of the K-1, enter only Box 2. Of course, you have to duplicate all the Lettered Boxes again.

This whole process is stupid. Why can't a single entry of the K-1 be sufficient as TT classifies Box 1 and Box 2 data correctly with 2 entries?

Also, another bone to pick - on list of K-1's the name of the person who received it should show - or Filer, Spouse or Both. Even worse, the 'who is this K-1 for radio buttons' are blanked when you edit a K-1 - WTF.

I wonder how many people pay taxes on duplicated capital gains, and how many underpay taxes due to deductions being doubled.

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2 Replies

Entering rental K-1 is misleading and needs to be fixed ASAP

TurboTax has never accepted the use of 1 k-1 when there is info on lines 1 and 2. these are separate activities that require you to enter the info breaking each line down by the activity it's linked to. it's like you got 2 k-1's

 

or you could go to a tax professional, most of the time their apps don't have this limitation

 

JB Dayrelton
Returning Member

Entering rental K-1 is misleading and needs to be fixed ASAP

Still the instructions at least need to say that.

Not to just enter 2 K-1's

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