Entering K-1 with numbers in boxes 1, 2 and 3

[random]

When entering K-1 in ATX, do you enter each kind of income (boxes 1-3) as if it were a separate K-1? Please advise.

[BrewOne]

yes, you have to create a duplicate, won't let you have entries for 1 and 2 on the same K-1

[Gail in Virginia]

ProSeries won't allow that either, so I am thinking this might be a requirement of the IRS' system.

[random]

I'm not getting any errors on putting multiple income boxes in same K-1.

In such case, how do you handle entries in other boxes? Fox example, would box 19(Distributions) would be duplicate in such two K-1s(one with box 1 income and another with box 2 income) ? 

[random]

Kindly answer the last question.

[Sara EA]

We use UltraTax for most tax prep, and we can enter income in all the boxes, so I don't think the IRS doesn't allow it.

[Abby Normal]

15 hours ago, Sara EA said:

We use UltraTax for most tax prep, and we can enter income in all the boxes, so I don't think the IRS doesn't allow it.

It has nothing to do with the IRS, it has to do with how lazy the programmers are. These different types of income must be handled differently, which I guess is sort of an IRS requirement.

[Abby Normal]

On 8/11/2023 at 10:43 AM, random said:

I'm not getting any errors on putting multiple income boxes in same K-1.

In such case, how do you handle entries in other boxes? Fox example, would box 19(Distributions) would be duplicate in such two K-1s(one with box 1 income and another with box 2 income) ? 

The duplicate K1s will normally just have entries in the income boxes and all the other items can go on the main K1. Would be nice if ATX had sub-K1s so they could all be linked.

Of course, depending on the type of K1 (PTP, PTE, etc.) additional steps may be required.

[random]

Got it. Thanks

[michaelmars]

Prosystem FX allows it too