What if my partnership K-1 has more than one type of activity?

You'll need to enter your K-1 information as separate partnerships if it contains more than one of the following types of income:

• Box 1 - Ordinary Business Income (Loss)
• Box 2 - Net Rental Real Estate Income (Loss)
• Box 3 - Other Net Rental Income (Loss)

Example: Your K-1 has information in Box 1, Box 2, and Box 3. You would enter the activity amounts due to business income from Box 1 as one partnership. Then you'd need to create a second partnership to enter the activity due to rental real estate income from Box 2. And finally, you'd need to create a third partnership to enter the activity due to other rental income from Box 3.

You would enter each of these partnerships with the same owner, EIN, name of partnership, etc. on the Partnership or LLC Income Information (Schedule K-1) screen.

You should treat each income activity separately. You'll also need to allocate any amounts shown after Box 3 to the correct activity. Your K-1 should come with a statement to help you figure out how to allocate these amounts. Make sure you don't enter the amounts shown after Box 3 more than once.