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Question

Shall I I enter part I and Part II for both If my K-1 has both rental and ordinary business income? Shall I enter all of the data again for 2nd income from item 1-20?

Forum|Forum|3 years ago
September 14, 2022
2 replies
0 views

When I entered data again for 2nd income Part III from item 3-20, my tax due increased a lot and I believe it is not right.

TurboTax Online

Ok ... it is just this simple if your K-1 has income in both box 1 & box 2.

Enter the K-1 as written twice ... on the first K-1 form enter everything EXCEPT box 2 and again on a second one entering ONLY box 2 ... the program will "marry" them back automatically.

You need to ask the issuer of the K-1 about the Boxes 4-20. You need to ask them how much of each box applies to the ordinary income in Box 1, and how much in each box applies to the rentals in Box 2.