Turbotax only allows entry of one type of activity per k-1. thus ordinary (Part III line 1) income/loss gets entered on 1 k-1 and other rental income/loss (Part III line 3 ) must be entered on a 2nd k-1. you can reuse the ein
certain other lines on the k-1 you got may need to be entered on one of the Turbotax k-1s rather than the other. not enough info to advise
other lines don't matter like 4,5,6,7,8
1) as you go through the interview process you should come to a page that asks you to choose the type of activity. on this page check the box that says that the K-1 has more than one value in boxes 1,2, and 3. then continue
2) make entries as necessary on the following pages
3) you'll come to a page that says other situations
the first check box says I have passive activity losses .... check it
check any other boxes that apply then continue
4) on the next page you enter the carryovers for whichever activity you're working on. read the instructions for entering passive loss numbers
then continue
5) you'll come to a page similar to the above but for alternative minimum tax purposes (AMT)
once done with the first activity add another s-corp k-1 to enter info for the second activity
hopefully, you have the info to separate the passive loss carryover for each activity. Turbotax has no way of computing it
you may have to file form 7203 - new this year for S-Corps here are the rules
Form 7203 is filed by S corporation shareholders who:
• Are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed in prior years)
• Received a non-dividend distribution from an S corporation,
• Disposed of stock in an S corporation (whether or not gain is recognized), or
• Received a loan repayment from an S corporation.
if required, only one 7203 is filed for the corp but you have two activities. so do not link it to either k-1 and fill in the numbers based on the k-1 you actually got. your beginning basis should have been reduced by prior year passive losses not allowed so do not duplicate them on this form
