Multiple K-1s 1099 Info using same company name

Forum|Forum|4 years ago
February 26, 2022
1 reply
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TurboTax 2021 Premier desktop edition. I have 2 K-1s. A LLC (1065) and a S Corp (1120S).

I enter the K-1 info for the S Corp. (CompanyName1 TaxID-1)

I enter the K-1 infor the the LLC (CompanyName2, TaxID-2)

When I get to the screen "We need some information about your 199A income for the LLC (CompanyName2), it uses as the business name CompanyName1 on those questions and the rest of the questions in the section. For example, it should say "CompanyName2 has business income(loss)." Instead it says CompanyName1 has business income(loss). When it generates form 8995, it lists CompanyName1 twice on the form (but correctly with my different TaxIDs. and the correct QBI for each. On the QBI worksheets, CompanyName1 is listed twice but with different taxids and QBI calculated correctly for each taxid. Part II of Schedule E correctly lists the two companies with the correct different names. In the "generated" Turbotax K-1 1065, in Section D1 it list the Partnership Name corectly as CompanyName2 , but the Trade or Business as CompanyName1 with TaxID-2. I think this is a bug? I haven't had this issue in previous years.

JamesG1

Level 15

I have entered a partnership/LLC (form 1065) K-1 and an S corporation (form 1120S) K-1 in TurboTax Desktop Premium version.

At every point on the entry screens, the correct name of the partnership or 1120-S is reported.

On the IRS Form 8995, I am seeing two lines for the partnership K-1 and the correct names, EIN's and dollar amounts are reported but that partnership reported both box 1 and box 2 income. I had expected to see both lines of income reported on the form.

Is CompanyName1 also reporting box 1 and box 2 income on your tax return?

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cburtAuthor

Level 2

CompanyName1 (SCorp) has Box1 income. CompanyName2 (LLC) has Box2 income. Form 8995 lists CompanyName1 Correct Income for CompanyName1

CompanyName1 Correct Income for CompanyName2

So the numbers are correct, but where it should say "CompanyName2 on Form 8995, it repeat CompanyName1. If there is somewhere I can send my .tax form securely to have this looked at, I'd be happy to. I just downloaded all updates and the issue is still there.