Does anyone know how to handle the situation involving two types of income on a Schedule K-1 (Form 1041)? Turbo Tax software says to divide up into two separate K-1.

Forum|Forum|3 years ago
March 18, 2023
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I have line 6 & 7 income. Created one K-1 with line 7 income and then added second one with line 6 income. Second K-1 process had me enter all the same other info. (e.g. line 1, 2a, 2b, 14e, 14f, 14h & 14i) as first one. Are things getting duplicated?

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MonikaK1

As long as you enter all of the information on only one Schedule K-1 except for the item that requires a separate entry, the income won't be duplicated.

On one K-1 input, you would enter all the information on the K-1 EXCEPT the item that requires a separate K-1 entry.

On the second K-1 input, you would enter ONLY the item that requires a separate K-1 entry.

Please see the discussion in this thread for more information.

Please see this tax tips article for more information about Schedule K-1.

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