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Required entries for K1, how to fill in Box 1 and other boxes at the same time?

I am using Turbo tax premier online version. It only allows me to fill in Box 1, Box 2, Box 3 or other boxes. I received a K1 which I need to fill in box 1, box 8, box 11 and etc, at the same time. Is there a way to report box1, box 8 and box 11 at the same time?

 

Or do I need to report the same K1 twice in TurboTax online: 1 for Box 1 and the other for Box 8 and etc.

 

 

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2 Replies

Required entries for K1, how to fill in Box 1 and other boxes at the same time?

Turbotax has a standard that boxes 1, 2 and 3 must be entered as separate k-1's. many, but not necessarily all the other boxes can be entered on the "first" k-1. the instruction with the k-1 would have to provide info as to what boxes need to be entered specifically on the k-1's for boxes 1, 2 and 3

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Returning Member

Required entries for K1, how to fill in Box 1 and other boxes at the same time?

@Mike9241 Mike thanks for your reply.

 

What do you mean by `first K1`.

 

I only received one K1. It has "Total ordinary income from trade or business activity before dividend income" in Box 11, code I. After reading IRS documents, I think this should be reported in Box 1. There are also short and long term capital gains in the same K1 (also in Box 11, code I),  which I think should be reported in box 8.

 

So I tried filling in both Box 1 and Box 8 in Turbo tax but was not allowed by TurboTax.

 

Questions:

 

1. Do you think I should fill this K1 as two K1 forms in TurboTax - one for Box 1 and the other for Box 8?

 

2. From this post,  It says "the administrative information ( Part I - Information about the Partnership, Part II - Information about the Partner) go on both K-1s, with one exception - Section J (Partner's Share of Profit, Loss and Capital) does not go on both K-1s. " . So in the two K1 forms, I should fill in Part I and part II on both, but section J only on 1 of the two.

 

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