Partnership K-1 both business and rental real estate income

[kwanfam1]

TurboTax Home and Business suggests that if the K-1 has more than one box for income, that the amounts be treated as different K-1's.  As such, what is the correct entries for the partnership profits, debts and capital accounts.  For example, if the total capital contributed is $100, do I enter $100 for each K-1 or $50 for each K-1?

[Anonymous_ · Accepted solution]

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@kwanfam1 wrote:

...what is the correct entries for the partnership profits, debts and capital accounts.  For example, if the total capital contributed is $100, do I enter $100 for each K-1 or $50 for each K-1?

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You really do not have to enter that information into TurboTax; just enter a separate K-1 if the K-1 you received has different types of activities as shown in the screenshot below. Also, take care not to duplicate other entries on your K-1.

 

[kwanfam1]

Tagteam,  A follow up question, in entering the rental income on a different K-1, the question is asked about other boxes.  There was a distribution in Part III on line 19.  I completed the first K-1 (business income) with the distribution, should I leave it blank for the second K-1.  Thanks again.

[ThomasM125 · Accepted solution]

Yes, you can leave the distribution blank on the other K-1 entry. In actuality, it won't affect your tax anyways.