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# I have numbers in both box 1 & 2 of my k-1 so i will file two k-1's . do I then use ALL of the numbers in all of the other boxes of the k-1 for both filings or just one

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## I have numbers in both box 1 & 2 of my k-1 so i will file two k-1's . do I then use ALL of the numbers in all of the other boxes of the k-1 for both filings or just one

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No, you would not enter all the numbers (Boxes 8 through 20) in both K-1s.
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I believe the best approach is to enter the information in Boxes 8 through 20 on the K-1 that reports the Box 2 amount, and report only the Box 1 amount on the other K-1.

The administrative information ( Part I - Information about the Partnership, Part II - Information about the Partner) go on both K-1s, with one exception - Section J (Partner's Share of Profit, Loss and Capital) does not go on both K-1s.

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## I have numbers in both box 1 & 2 of my k-1 so i will file two k-1's . do I then use ALL of the numbers in all of the other boxes of the k-1 for both filings or just one

**
No, you would not enter all the numbers (Boxes 8 through 20) in both K-1s.
**

I believe the best approach is to enter the information in Boxes 8 through 20 on the K-1 that reports the Box 2 amount, and report only the Box 1 amount on the other K-1.

The administrative information ( Part I - Information about the Partnership, Part II - Information about the Partner) go on both K-1s, with one exception - Section J (Partner's Share of Profit, Loss and Capital) does not go on both K-1s.

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The reason to put it in the K-1 most like the main function of the business is that in future years you may wind up with only a Line 1 or a Line 2 entry and won’t need that extra K-1.

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Also, your tax basis can include recourse, non-recourse, and qualified non-recourse financing, plus your capital you contributed, plus K-1 earnings, minus K-1 deductions, minus distributions. You deduct losses if you have enough tax basis. Your tax basis can never go below zero. Your capital account usually won’t add financing into the figures.

But before you take that loss, you also have to check your at risk limitations. You have to look back at financing and add only the financing you are personally at risk for. Recourse and Non-recourse financing usually doesn’t count unless you signed for the loan. Qualified non-recourse (like real estate loans) usually do.

Then you have to apply the passive activity limitations, in other words, losses on a K-1 that you are not actively or materially participating in can only be offset by profits from another passive activity, or are carried forward to a future year. Don’t worry about passive losses, TurboTax handles those calculations and carry forwards.

But TurboTax does not calculate your tax basis, so just keep a running spreadsheet for those numbers in case you’re ever audited.

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