if there is a schedule breaking down each line on the k-1 for each entity you prepare a separate k-1 for each. However, I warn you this can be a real pain if the entity is disposed of because then you'll need to enter disposal info for each which generally is not provided. I had this issue with a PTP that consisted of multiple sub-PTP-entities. By law each PTP stands on its own. The business loss of one can't be used to offset the business income of another. The first page of the master k-1 was stamped "Do Not Use Part III Information - See Supplemental K-1 Information Statement." All was fine and good until I sold it. Then the disposal supplemental worksheet just gave a total for the aggregate PTP. No separate details breaking down among the sub-entities was provided but to properly reflect everything, disposal info needed to be entered for all so the suspended passive losses would be released. I figured out a work-around. I For one client, I had a master PTP that invested in other PTPs. in total it invested in over 50 PTPs which meant entries for over 50 K-1s. The client was not happy with the bill, so I told them talk to their broker who put them in it obviously without knowing the reporting requirements. They filed a complaint with the brokerage (they were in their 80s) and eventually change brokerages.
