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?
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).
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.
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