I have numbers in both box 1 & 2 of my k-1 so i will file two k-1's . do I then use ALL of the numbers in all of the other boxes of the k-1 for both filings or just one

Forum|Forum|6 years ago
June 1, 2019
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TurboTax Self Employed Online

Best answer by ToddL

No, you would not enter all the numbers (Boxes 8 through 20) in both K-1s.

I believe the best approach is to enter the information in Boxes 8 through 20 on the K-1 that reports the Box 2 amount, and report only the Box 1 amount on the other K-1.

The administrative information ( Part I - Information about the Partnership, Part II - Information about the Partner) go on both K-1s, with one exception - Section J (Partner's Share of Profit, Loss and Capital) does not go on both K-1s.

ToddLAnswer

Employee

No, you would not enter all the numbers (Boxes 8 through 20) in both K-1s.

I believe the best approach is to enter the information in Boxes 8 through 20 on the K-1 that reports the Box 2 amount, and report only the Box 1 amount on the other K-1.

couryj

Employee

Thank you for your reply but I have a follow-up question. You state Section J of the admin info (Partner's Share of Profit, Loss, and Capital) does not go on both K-1s. Since that's the case, which K-1 do you include this information? The K-1 reporting Box 1 amount or Box 2 amount? THANK YOU!