K-1 with Box 1 and Box 2 values -- how to fill out 2 K-1s?

Yes, two almost identical K-1s.  One K-1 with everything except Box 2.  The second K-1 with just box 2.  

@DavidD66 is technically correct to use two K-1s. However, to simplify things, since you disposed of it, is to combine box 2 with box 1 and only have one K-1. The final results will be the same as if you had used two and completed them properly.

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I suggest this for several reasons. The disposition/sales worksheet you got combines lines 1, 2 and certain other lines on the K-1. Also, line 20Z1 combines both lines. Turbotax will not like it if you report the entire 20Z1 on the first K-1 because the amount will not match line 1. You would have to enter -383 on the first K-1 and -2 on the second

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Certain other lines will cause you issues. Line 13K is excess business interest that has not been deducted from lines 1 or 2. To determine deductibility, you need to complete Form 8990. Turbotax does not handle this form. You are mostly on your own or would have to post additional questions in this forum. If any is deductible, you'll need to adjust the appropriate tax form - probably line 1 of the K-1. 

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The K-3 box is checked. Whether there are items you are supposed to report is unknown. Most K-3s won't come out until much later. See the letter that accompanies the K-1 package.

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Here are the guidelines for reporting the disposal. I do not know how 13K is reflected in the sales schedule. t your basis should be 49683 - the same as ending capital plus 157 the 751 gain + any amount of 13K that is not deductible.

MLP and PTP reporting k-1 and 8949

Please follow these instructions. Incorrect entries can result in entering the sale twice or otherwise incorrectly. Also see the sales schedule that was included with the k-1

Enter the k-1 info

Check the PTP box

If total disposition proceed as follows:

Check final K-1 (s/b marked on actual k-1)

Check sold or otherwise disposed of entire interest

On the k-1 disposition section for sales price use the ordinary income (sometimes you’ll see a column with the “751” or the words “Gain subject to recapture as ordinary income” or similar wording. This info comes from the supplemental sales schedule that should have been provided. Its also now on the k-1 box 20AB - no 20AB, no ordinary income column then then sales price is zero. The numers I’m using represent the line numbers in forms mode (desktop only)

5. Sales Price = line 20AB (1065 k1)
6. Selling expenses = 0
7. Basis = 0
8. Gain is computed and should be same as the sales price.
9. Ordinary gain = enter same as sales price

This amount flows to form 4797 line 10 and is taxed as ordinary income. This step is necessary, so any suspended passive losses are now allowed.

10,11,12 should be blank

Now for the 8949.

The broker’s form is probably coded as B or E (uncovered) – sales proceeds but not cost basis reported to the IRS. This is because the broker does not track the tax basis. It used what you paid originally which is not correct.

The correct tax basis is:

What you paid originally, should be the same as what is on 1099-B as cost,

Then there is a column on the sales schedule that says cumulative adjustment to basis. If it’s positive add it to the original cost. If it’s negative subtract the amount. 

Finally add the amount of ordinary income reported above, if any.

The result is your corrected cost basis for form 8949.

I agree with @Mike9241 in general.

The only issue I potentially see is how you handled this K-1 in the past.

From the questions asked, it doesn't appear that you had this K-1 in past years??

If you did, and you entered the real estate activity separately, then you may have suspended losses that need to be combined with the single entry method in this final year.