How can I input box 1 and box 2 from K-1 to Turbo tax?

Forum|Forum|6 years ago
June 1, 2019
2 replies
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It seems that I can only input either box 1 or box 2, but not both together.

TurboTax Self Employed Online

Best answer by dmertz

In TurboTax you must split the Schedule K-1 and enter it as two Schedules K-1, reporting the box 1 amount on one and the box 2 amount on the other. The sum of all the amounts in each number box on these should total the amount in the corresponding box on the original. In the case where I had to do this, I duplicated all of the Part I and Part II information between the two, then reported the Part III box 1 amount on one Schedule K-1 and everything else from Part III on the other Schedule K-1.

dmertzAnswer

Employee

wirzbrothers

Employee

The follow up question will inevitably be if you should include the information in other boxes (17, 21, 5, etc) on both K1s. The answer is NO as that is double counting. Below is the link.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3877500-k1-has-values-in-box-1-and-2-turbo-tax-says-input-as-two-k1s-do-i-input-the-values-in-boxes-17-19-and-20-into-both-k1s-or-is-this-double-counting">https://ttlc.intuit.com/questions/3877500-k1-has-values-in-box-1-and-2-turbo-tax-says-input-as-two-k1s-do-i-input-the-values-in-boxes-17-19-and-20-into-both-k1s-or-is-this-double-counting</a>

rooksmith2

@wirzbrothers Thanks for the information. The link that you pasted doesnt work however. Can you paste it in plain text? The HTML <HREF> got truncated.

-Thanks @rooksmith2 aka Doug S

wsalopek

Yeah I would say that this issue is still a mess. I'm understanding that since I have "ordinary business income" and "net rental real estate income (loss)" on ONE K1, that I am supposed create TWO K1's, and somehow, mysteriously, divide the information between the two, so as to not duplicate. And why can't I upload the PDF of my K1, and then Turbotax enters all the figures in the right places? Just like a W2/whatever?

I simply have no idea how to avoid duplication of the K1's figures - and I've searched all the help files - there seems to be NO help on this issue.

Another issue is that once two K1's are created, Turbotax does not differentiate between the two. Our's are named IDENTICALLY (the name of the LLC), so I have no way to know which one to edit, without clicking on the name first, and then NEXT NEXT NEXT til I finally find get to the page that might need different information.

And also - why do I have to keep RE-CHECKING the box that says, for example, "both of us"?? Why doesn't Turbotax remember that I ALREADY checked that box? (As well as several others.)

Very frustrating.

wsalopek

One more thing.

Our LLC is split 33/67 with another couple people - how do I know when to enter the figure from the K1 that has ALREADY been multiplied by 33 percent as opposed to entering the WHOLE number and then Turbotax multiples by 33 percent (why else would TurboTax care what percentage we own)?

Very confusing.

RobertB4444

You will only enter the amounts from the K-1 - never the whole amount to be multiplied by a percentage. The reason TurboTax asks what percentage you own is because having a greater than 10% interest is required for certain credits.

Creating a second K-1 should be easy. Only one number needs to go on that second K-1 - either the box 1 number or the box 2 number - doesn't matter which. All of the rest of the information can go on the first K-1.

@wsalopek

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