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pops4
New Member

How do you enter K-1 Form 1065 data with multiple source income (business plus rental, for example) without all of the rest of the data on the form being counted twice?

K-1 shows Ordinary Business and Net Rental.  TurboTax says to split into 2 separate K-1 entries.  It seems that doing this, if you enter all the data from the form, ends up double counting most of the data.  How do you split this into 2 K-1 entries when the rest of the form doesn't show any sort of split?
4 Replies
tagteam
Level 15

How do you enter K-1 Form 1065 data with multiple source income (business plus rental, for example) without all of the rest of the data on the form being counted twice?

Do not allocate the amounts between the two K-1 entries.

 

Enter the business income and K-1 entries related thereto in full and then enter the rental income and K-1 entries related to the rental income in full (i.e., do not split the amounts on any particular line).

pops4
New Member

How do you enter K-1 Form 1065 data with multiple source income (business plus rental, for example) without all of the rest of the data on the form being counted twice?

Thanks, I appreciate the quick reply!  I hate to be thick here, but is there a way to readily determine which entries in Boxes 5-22 go with Ordinary Business and which with Net Rental Real Estate?  I don't see anything on the form that helps clarify that.  It seems that if I split this, ultimately if I combine the two, I should end up with the exact form I have.  But if I report everything on both the Ord Business and Net Rental RE, I would be double reporting everything except Boxes 1 and 2.

Mike9241
Level 15

How do you enter K-1 Form 1065 data with multiple source income (business plus rental, for example) without all of the rest of the data on the form being counted twice?

you enter line 1 on 1 k-1 line 2 on a second k-1

certain lines don't matter but are entered only on 1 k-1 - 5,6,(all) , 7 (needs to be linked to schedule e page 1 and its own column)

8,9a, 11 (there are subcategories), 13 (13i) flows to the schedule E that line 7 flows to, 14, 18, 19

line 4 - k-1 that line 1 was entered on

 

 

other lines go with their respective k-1s. perhaps there is a supplemental schedule get gives more detail for the lines

for example line 17 may relate to either line 1 or 2 or perhaps both.

if yo can't tell from the info you got, only the partnership can provide additional details 

 

pops4
New Member

How do you enter K-1 Form 1065 data with multiple source income (business plus rental, for example) without all of the rest of the data on the form being counted twice?

Thanks!  That helps a lot.  Appreciate the detail.

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