K1 Form 1065 Box 1 is a combined Total for 2 EINs for Box 20 Z

[goldphish96]

Seeing conflicting advice and trying to get the right procedure.   Box 1 of my K1 1065 is the total of 2 Passthrough Ordinary Incomes (Loss).  But, they  are listed separately and have different EINs.    Do I simply combine the 2 sets of data or do i need to make a mostly blank second K1 with just box 20 Z and put in the additional Passthrough information there?  Thanks in Advance for any information!

[PatriciaV]

Yes, when you receive Schedule K-1 with more than one business reported in the Supplemental Information, you need to create a K-1 for each business. 

To do this, look for the button at the bottom of the Schedule K-1 summary page that says, "Add Another K-1."

Enter the information for Part I of the K-1 that applies to each business (this may be different if the businesses have separate EINs). The info from Part II should be the same. 

Include the information from Part III on the first copy that relates to the first business. The second copy would have the info for the second business in Part III.

If you have Section 199A to enter, be sure to check Box 20 Code Z for each business. Then enter the specific QBI breakdown according to Statement A for each business.