Solved
K1 Detail
I get Section 199A detail on my real estate partnerships, but am unsure as how to enter on Turbo Tax. Also, what is the tax implications?
Hello trevhuth,
Thank you for your question. I am happy to assist you.
Section 199A (Qualified Business Income [QBI] Deduction) lets individuals, trusts, estates deduct up to 20% of their qualified business income for tax years beginning after December 31, 2017, and before January 1, 2026.
When you have QBI from your business, you will receive Statement A along with your Schedule K-1. The QBI information will be included in Statement A.
Please follow the steps that are listed on the below link when entering Section 199A detail on TurboTax. Please make sure that you select the correct Forms when entering your Section 199A – whether it is Form 1065 (Partnerships); Form 1120-S (S-Corporation) or Form 1041 (Trust/beneficiaries).
Tax implications: As a pass-through entity (partnership, S-Corporation), your income, losses, deductions, gains will pass through to you (the taxpayer) through your schedule K-1 which you will report on your personal taxes.
Please let me know if you have any questions.
Thank you,
Shirleyh88
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