filling out duplicate schedule k-1 for PTP with multiple activites

I have a Schedule K-1 for a PTP that has numbers in Part III linesĀ 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.

  • And such errors in 'review' section trigger multiple errors in California 540 return as well,  I called Partnership company in New York and they say entires in Lines 1 & 3 of Part III on K-1 are accurate and need only be reported on one Schedule K-1 by them.  Says problem lies with Turbo tax software.  How do we TT users break down and allocate numbers between 2 or more Schedule K-1's to satisfy TT software, when our brokers only send one whole picture Schedule K-1????????????????????????????
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.
    Contribute an answer

    People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

    1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
    2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
    3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
    4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
    5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.