Question

Tax Year Prior to 2020: 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?

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Premier Online

No, that is double counting. Because there is information in both Boxes 1 and 2, you will need to complete entries for one K-1 with all the information except for Box 2. Then, Add Another K-1 but only include the amount in Box 2 (don't enter the rest of the numbers for that one).

R

rubs76

Employee

I did exactly this but it is only showing amount from box 1 on 1040 and not from box 2, for example i added -$380 from 1st box on 1st K-1 and -$250 from box 2 on 2nd K-1 so i was expecting $-630 but it only showing $-380