I have a Schedule K-1 for a PTP that has numbers in Part III lines 1 (Ordinary business income (loss)) and 3 (Other net rental income (loss)). Turbotax says to fill out multiple K-1 reports if the partnership is involved in more than one type of activity. Do I just duplicate lines 4-20 in both reports, or do I have to distinguish what falls under what activity and only put, for instance, line 13 gain/loss on one of the K-1s? I did not receive any guidance from the partnership on what items fall under ordinary business vs other net rental income.
My Publicly Traded Partnership K-1 has two activities; one in box1 and another in box2. From reading IRS documents, each activity needs to be handled separately. TurboTax does this by creating a second K-1 for one of the activities and moving the entry for either box1 or box2 to this other K-1. Unfortunately, TurboTax has no way to split all the other line entries (including the capital account) on the original K-1between the two activities. I just called the tax information number for my partnership. The agent was not able to help, but I talked to a supervisor who said that the partnership could generate the information for me and provide it via email within 48 hours. Once I have this, I will treat each activity as though it were a separate parthership on a separate K-1. TurboTax should then carry the data forwards to other forms as required. Hope this helps.
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