TT has a problem regarding entry of K1 forms which show boxes 1 and 3 checked (or 1 and 2 checked). In these cases , TT requires the K1 data to be entered twice. But, in some cases, income is included (e.g. hedge income or royalties income) thus a double entry and double taxation of some income. Also, if royalty income is involved, duplicate forms E are completed! Getting to a person at TT is impossible! What to do?
The best place to get answers about TurboTax is the TurboTax AnswerXchange web site.
You'll have to figure it out on your own or take it to a professional. The IRS recommends, but does not require that a K-1 only report income in a single one of boxes 1, 2, or 3. If multiple boxes are used, you will have to determine how to tease apart the numbers on the K-1. Intuit will not be able to help you with this.
Ira
-- been there but the problem needs attention of TT programmers not other users. It's a software bug!
The problem is not the K-1 --I have no control over it. The company sends them to me ---like getting W-2 forms! It's a software bug in TT that requires double entry of some income.
I agree with PFsszxt - the various TurboTax sortwares that deal with Estates & Trust, etc. do not warn you to have 2 separate K1s if you have entries from the same source entity for Boxes 1 and 2- and it truly should do - as otherwise your K1s can lead you into "double taxation" of the same item - Shame on TurboTax! Steverding at Hauslohn
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