I have a Schedule K-1 with Box 1 ordinary Business Income and Box 2 Net Rental Real Estate Income. Also in Statement A - QBI Pass-through Entity Reporting, there are 2 columns with numbers. One column has the ordinary business income. The second column has the rental income and W-2 wages. I need help with the following. Thank you! I understand that I need to create two K-1s in Turbo Tax. But for the numbers in box 4 to box 17, do I need to split the values or could I just fill the first K-1 with the numbers and leave these boxes blank in the 2nd K-1? I do not have the information to split the numbers.When I created two K-1s, Turbo Tax also asked me to fill up two Form 7203. Is it possible to use one Form 7203 for both K-1s?How should I answer the question "Is the business generated the Section 199A income a separate business owned by the S Corporation?" Basically our LLC invested in a project and received the money from the company that runs the project. I received money from our LLC, not from that company directly

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Question

Schedule K-1 with Multiple Activities

Forum|Forum|4 years ago
April 13, 2022
1 reply
0 views

I have a Schedule K-1 with Box 1 ordinary Business Income and Box 2 Net Rental Real Estate Income. Also in Statement A - QBI Pass-through Entity Reporting, there are 2 columns with numbers. One column has the ordinary business income. The second column has the rental income and W-2 wages. I need help with the following. Thank you!

I understand that I need to create two K-1s in Turbo Tax. But for the numbers in box 4 to box 17, do I need to split the values or could I just fill the first K-1 with the numbers and leave these boxes blank in the 2nd K-1? I do not have the information to split the numbers.
When I created two K-1s, Turbo Tax also asked me to fill up two Form 7203. Is it possible to use one Form 7203 for both K-1s?
How should I answer the question "Is the business generated the Section 199A income a separate business owned by the S Corporation?" Basically our LLC invested in a project and received the money from the company that runs the project. I received money from our LLC, not from that company directly

TurboTax Home & Biz Windows

AliciaP1

You should not split any of the box amounts.

If both Box 1 and Box 2 are a loss you are going to have to report both 7203s. You will show the same beginning basis and contributions for both but report the box 1 loss amount on the K-1 with that loss and report the Box 2 loss amount on the K-1 reporting Box 2. If only one of the boxes has a loss and you have a distribution in box 16 code D, be sure to report the loss and box 16 on the same K-1. This will eliminate the need for 2 7203s.

Finally, based on your statement, your business generates the income itself, so you will answer no.

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hokenAuthor

@AliciaP1 , Thank you for the reply. I have a loss in box 1 and a gain in box 2. There are also numbers in box 8c, 9, and 16. I seems that if I enter these numbers on both K-1s, the gain in box 8c and 9 will be double counted. Therefore should I just enter these gains (box 8c and 9) in one K-1 and leave them blank in the 2nd K-1? Also do you mean that I should leave box 16 blank in the K-1 used for the gain in box 2? Thanks!