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Chesapeake Granite Wash Trust Message Board

  • genetuck genetuck Apr 10, 2013 5:54 AM Flag

    Liza, double entries

    In Turbotax, when I do two K1s for CHKR because it has business and rental income, why do duplicate entries for interest show up on schedule B? The same thing is happening with dividends and interest for BIP. Thanks for any help. I thought TT told me to do two K1s, so I did one for business and one for rental.

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    • by the way, are you sure you were talking about CHKR here? CHKR just has interest and royalties doesn't it?
      I think you were probably talking about one of your other holdings, maybe BIP.

    • By the way, getting back to original subject of this thread, the fact that TT asks you to create multiple K-1s if you have income in more than one of boxes 1, 2 and 3 is apparently due to a limitation in Turbotax. A professional tax software used by tax preparers does not require them to split one K-1 into multiple. Apparently Turbotax will not compute the correct result if more than one value is in boxes 1-3 and this is their kludgy workaround to make sure the end result is correct. It's a little annoying as I already have enough K-1s as it is without splitting some of them into multiples. And your original question raised the point that we don't know for sure whether all the other boxes really apply to the primary (box 1) K-1 or any portfion of the amounts really belong with the extra created K-1. Definitely the numbers should not be duplicated as you initially did, but do they really all belong with the box 1 K-1? Luckily the boxes 2 and 3, where present, are always pretty small so it probably makes little or no difference but it just seems messy.

    • But don't enter the same information on both.
      When TT tells you to create a second K-1 for the box 2 or 3, it is not telling you to enter all the numbers in both K-1s. In the second K-1 just put the box 2/3 number and leave all other boxes empty.
      If you enter interest into multiple K-1s, yes of course it would go twice to the forms.

    • Dude, you really should consult a tax expert rather than rely on advice on a message board.

    • No, you only do the royalty section. You do not on the business You do not want to declare income twice.

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