K1 Part III Box 2

Forum|Forum|3 years ago
March 23, 2023
3 replies
19 views

I have 2 investments that issued a K1 to me. I downloaded them both from taxpackagesupport.com. One passes the test. The second one bombs out and won't let me file. In the K1 Part III Box 2 it has the number: -63. Turbotax won't pass it and says: Box 2 has an amount but does not agree with type of activity indicated. What do I need to do to fix it? The information came from the company not anything I entered.

Mike9241

Level 15

is there an amount in box 1 or 3 in the same part? Turbotax does not allow that. you have to use a separate k-1 to report not only box 2 but also any other box that relates to it. none of check boxes material, active, recharacterization, trade or business should be checked.

Mike9241

jeffepAuthor

Level 2

Yes, there is -247 in Box 1, and then -63 in Box 2. I will attempt to create another K1 and delete the -63 from the first one. Thanks. I'll let you know.

jeffepAuthor

Level 2

I tried to import the txf file again, hoping it would create an additional K1. It didn't, it

just added another -63 amount to the K1 Box 2 worksheet. So I just changed the amount to 0 and submitted the return. It did not change my refund amount and I am very low on the audit danger. So I'm just letting it go. I did not see any button to create a new K1.