hello,
I can't figure out what boxes to use for k-1 box 1 and what for k-1 box 2?
TurboTax required to create 2 K-1 when I have both box 1 and 2 in provided to me 1065
The K-1 (1065) has boxes for Income boxes 1,2,5,6 and gains boxes 8.9,10,13 and also 16,17,18,19,20.
Those are followed will tables per each activity, each real estate project details.
And then forms per State, none resident about 10 States, where some have Income and other just have losses.
I'm not sure that for both K-1 for the same passthrough business I need to duplicate all boxes from 1065, but how to know which boxes to use for 1st and for 2nd?
when I started with box 1 and selected all boxes my 1065 has I got some result, but when I started with box 2, where I have passive loss, I also selected all the same boxes as the same single 1065 form, I got a bit strange result.
I think in result I got double income from those extra boxes that already are taxed for the 1st K-1.
Why TurboTax asked to create 2 K-1 for single 1065?
How to do it right via TurboTax Premier?
which 1065 boxes to use for box 1 K-1 and which for box 2 K-1 forms?
thanks