mmlp k-1 question regarding boxes 1,2 and 3!!! Help!!!
My K-1 has a negative value in box 1 and positive values in both boxes 2 and 3!!! Also note, I bought and sold mmlp in 2013..so it was a short term holding. Turbotax only allows you enter 1 of the 3 boxes per k-1 entry...and say something about creating additional k-1s for the other two boxes. How do I do this? Do I need to allocate boxes 4 to 20 somehow to do this and if so, how in the world to do this as I see so instructions for this. What are you all doing regarding this for your k-1s?
Since boxes 2 and 3 are very small if they are present for MLPs, I generally put all the other numbers in the box 1 K-1 and put only the box 2 or 3 with nothing else in the extra created K-1.
But yes this is an annoying limitation of Turbotax that it cant handle them all in the one K-1.