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

You'll need to enter your K-1 information as separate S Corporations 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 S Corporation. Then you'd need to create a second S Corporation to enter the activity due to rental real estate income from Box 2. And finally, you'd need to create a third S Corporation to enter the activity due to other rental income from Box 3.

You would enter each of these S Corporations with the same owner, EIN, name of S Corporation, etc. on the S Corporation 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.