K-1 (1065) with Part III, Boxes 1 and 2

[bozpw]

This is my first time getting a K-1 (Form 1065).  Part I and Part II are largely complete. In Part III, Box 1 (ordinary business income) has an amount and Box 2 (net rental income) also has an amount. In case it is relevant, the Box 1 amount is about 40x larger than the Box 2 amount.

As a result of both Box 1 and Box 2 having amounts, I understand that I have to enter two K-1's in TurboTax, one for the Box 1 amount and one for the Box 2 amount. Do I also enter all of the same information from Part I, Part II, and the rest of Part III? On Part III, boxes 4a, 4c, 5, 13 (A & M), 14 (A), 17 (A), 18 (B & C), 19 (A), and 20 (A, Z, and AG) all have amounts filled in.

Thank you!

[CatinaT1 · Accepted solution]

For the second entry, only enter Part 1 and 2.  Do not duplicate the numbers in Part 3.