Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
N
natereed
August 29, 2022
Solved

How to enter Section 199A information?

  • August 29, 2022
  • 1 reply
  • 0 views

I have code "AH*" and value="STMT" in Box 20 of my K1.

 

The attached "Partner's Section 199A Worksheet" has these values:

 

  Net rental income (loss)

  W2 wages 

  Qualified Property

 

In the TurboTax questionnaire, there is a checkbox for "UBIA of qualified property" (Unadjusted Basis Immediately After Acquisition).  Is this the same value as Qualified Property? 

 

 

 

Best answer by Anonymous_

See https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

 

It is most likely UBIA that was shortened on the statement you were issued.

1 reply

A
Anonymous_
Employee
August 29, 2022

Although it could very well be, you should check with the issuer of your K-1.

    N
    natereedAuthor
    August 29, 2022

    The CPA that generated the K-1 for the investment sponsor won't answer my questions. 

     

    Short of hiring a CPA (which defeats the purpose of doing my own taxes), is there a resource that explains this?

     

    A
    Anonymous_Answer
    Employee
    August 29, 2022

    See https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

     

    It is most likely UBIA that was shortened on the statement you were issued.

      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification