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April 6, 2023
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Section 199A information

  • April 6, 2023
  • 1 reply
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My section 199A statement includes QBI information for the K-1 business and also for a passthrough entity.

 

How do I enter both sets of information?  In other words, how do I generate an additional worksheet for the same K-1?

    Best answer by AliciaP1

    The QBI information for the different business lines can be added together if your K-1 is only reporting one box of income (either box 1, 2, or 3).  You can proceed to enter your Schedule K-1 with the TurboTax interview process and when you mark either box 20 code Z (partnership) or box 17 code V (S-Corp), the software will ask the pertinent questions so you can enter the QBI information you received.

     

    If your Schedule K-1 has multiple boxes completed (1 and 2 and/or 3) you will complete the business column of your Section 199A Statement with your box 1 income and then you will enter another K-1 with the other box (2 or 3) and the pass-through entity Section 199A information.  Once you have entered the first K-1 and completed the whole interview, you will be returned to the Tell Us About Your Schedules K-1 screen where you can click Update for the type of K-1 you have and on the Summary screen Add another K-1.  Only enter the other income box (2 or 3) and the box 20 or 17 Section 199A information on the second K-1 and do not enter any other box information on this additional K-1.

     

     

    1 reply

    AliciaP1
    AliciaP1Answer
    April 6, 2023

    The QBI information for the different business lines can be added together if your K-1 is only reporting one box of income (either box 1, 2, or 3).  You can proceed to enter your Schedule K-1 with the TurboTax interview process and when you mark either box 20 code Z (partnership) or box 17 code V (S-Corp), the software will ask the pertinent questions so you can enter the QBI information you received.

     

    If your Schedule K-1 has multiple boxes completed (1 and 2 and/or 3) you will complete the business column of your Section 199A Statement with your box 1 income and then you will enter another K-1 with the other box (2 or 3) and the pass-through entity Section 199A information.  Once you have entered the first K-1 and completed the whole interview, you will be returned to the Tell Us About Your Schedules K-1 screen where you can click Update for the type of K-1 you have and on the Summary screen Add another K-1.  Only enter the other income box (2 or 3) and the box 20 or 17 Section 199A information on the second K-1 and do not enter any other box information on this additional K-1.

     

     

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