Question

Have 2 sets of data on my K-1, Box 20, code Z STMT: 1 is qualified 199A income and 1 is 199A SSTB income despite only Box 1 income on K-1. Do I add the 2 amounts into TT?

Forum|Forum|2 years ago
March 18, 2024
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There are 2 sets of data on my K1, Box 20, code Z STMT. One is qualified 199A income and the other is 199A SSTB income. Only Box 1 income on my K-1 (nothing in 2 0r 3). How do I enter this into TT? Do I add the 2 amounts?

TurboTax Online

M

Mike9241

Turbotax can not handle this with just 1 k-1. This may be important because SSTB QBI is subject to special rules.

what I suggest is using two k-1s for the same entity. hopefully box 1 and the sum of the 2 reported QBI income are the same. then the non-SSTB portion of box 1 would be entered on the first k-1 and the SSTB income portion of box 1 would go on the second.