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Visitor II

Trouble with Schedule K1 with more than one income (boxes 1,2)

I entered Schedule K1 info received from publicly traded company Blackstone which has both box 1 and box 2 with data.  Turbo tax advice says to enter a second entry with only box 2 info.  I am still getting checking  errors about duplicate box 16 entries (K and I or J) and box 16 (E and D or F).  

 

Any ideas what I did wrong or how to fix?

1 Comment
TurboTax Specialist

Trouble with Schedule K1 with more than one income (boxes 1,2)

When you enter the second K-1 for the box 2 income, do not enter the box 16 amounts if they don't correspond to the Box 2 income. Same for the Box 1 K-1. Enter the relevant box 16 codes/amount for that income item only. 

 

If you need to start over, delete the K-1's. 

 

If using online version, select Tax Tools, Tools, Delete a Form. If using a desktop version, select Forms mode in upper right corner, then scroll forms list for the K-1. Select, and when it loads on the right side, choose delete form.