Single 1065 K-1 with multiple businesses reported in Statement A

[Taxrunner]

My 1065 Schedule K-1 has amounts in both lines 1 and 2 in Part III, so I need to create a separate K-1 for business income/loss and at least one additional K-1 for rental real estate income/loss.  TT states that when multiple businesses are listed in the Statement setting forth the Section 199A information, a separate K-1 should be completed for each business.  When creating a separate K-1 for each business listed in Section 199A information Statement, is the same amount from line 2 in Part III included on each K-1 or does it need to be allocated?  Also, since amounts are shown in other line items in Part III, are they just included in one of the K-1s, and nothing noted for the separate K-1s that are completed to provide Section 199A information?

[MelindaS1]

When the program directs you to create multiple K-1 sheets, the idea is that nothing would be double input, and if you originally received a K-1 that looked something like this:

You would split it out into multiple entries which do not double-up on any reporting, like this:

Do not include the Part III box 2 information on multiple K-1s; when entering the box 20Z or 17V Sec. 199A information for multiple businesses, enter the amounts associated with those codes as reported in the Statement A details, not the face of the K-1. Example:

I take it that your Section 199A Statement includes more than 1 rental real estate activity, rather than aggregating them all into one, so you'll want to read this statement carefully to get a picture of what it is reporting to you - does the QBI come from activities of this partnership, or of other businesses that the partnership owns an investment stake in, and then what is your % ownership share of the underlying business investment - things like that. Get a sense of comfort over your understanding of where the income flows from before making entries. 

Yep, the other boxes from Part III with amounts in them are just reported in one of the K-1 sheets - I would input these additional amounts using the Ordinary income K-1 sheet (#1 pictured above), as my preference - and yes, you definitely wouldn't want to double-input anything on the separate K-1 sheets you're creating for the 199A Statement multiple business reporting. 

The principle here is to make sure that each number on the face of the K-1 or in its statements/attachments only gets input once while creating multiple K-1 sheets. This is a good question; keep reaching out if needed.

Struck out reference to K-1 Form 1120S. [Edited 04/13/26|9:47pm PST] @Taxrunner