Question

Help entering 199A QBI for multiple business partnerships

Forum|Forum|2 years ago
March 27, 2024
1 reply
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I am entering my Schedule K-1 as a limited partner and trying to figure out where to enter the QBI 199A information for multiple business names in the Desktop Premier Version. The question prompts don't seem to be offering this option.

M

Mike9241

in the desktop version switch to forms mode then go to the Turbotax k-1worksheet.

scroll down to section D1

check any of the following boxes that apply 1) PTP, 2) Aggregated 3)SSTB

enter the 199A/QBI info as shown in box 20z of partnership k-1s (would be 17z for S corp K-1s)

TurboTax does not use the entries in 20Z so they have to be entered in this section

C

cherylrAuthor

Thank you. I found that section, but only see the option to enter one business name/EIN and corresponding data. Is there a way to add additional ones (I have 4 total)? I only received 1 K-1 for the partnership, these are then 4 business names under that partnership.

J

JamesG1

If your 'line 20-Z' information provides more than one EIN, do your attachments also provide a breakdown of the other K-1 boxes by EIN?

It may be possible to enter two separate EIN entries for boxes 1 through 20 as if you received two separate K-1 forms. This would insure the proper cost basis for the assets and proper qualified business income deduction.

Original K-1 EIN 1 EIN 2

Box 1 $1,000 = $1,000

Box 2 $500 = $500

Box 4 $100 = $75 $25

Box 5a $200 = $150 $50

Box 5b $100 = $75 $25

W-2 wages $50,000 = $25,000 $25,000

UBIA $100,000 = $50,000 $50,000

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