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March 21, 2024
Question

Turbotax is asking me about 199A income, but my K-1 has no Attachment A and I'm not sure how I indicated that I have 199A income.

  • March 21, 2024
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March 21, 2024

Qualified business income (QBI), or 199A income as it is also known as,  would be reported on line 20 of a partnership K-1 schedule with code "Z", and would be listed on line 17 of an S corporation schedule K-1 with a code of "V". If you see those codes then there should be an amount listed for them and that will be your QBI income for the entity. You will have to answer some questions regarding the QBI income if you have it:

If you have business income, you would see that listed in line 1 of your schedule K-1. 1231 gain would refer to the sale of business property, normally resulting in an entry on line 10 of an partnership K-1 or line 9 on as S corporation K-1. Section 179 refers to an expense election on depreciable property. Deductions would be listed on line 12 of an S corporation K-1 and line 13 of a partnership k-1. You would have to look on the S corporation or Partnership return to determine if there were W-2 wages paid. UBIA refers to the unadjusted basis of qualified business property, which means the cost of business assets before depreciation is deducted. REIT dividends are real estate investment trust dividends. You may have to consult with the company that generated the K-1 schedule to determine what to enter for some of those technical matters.

 

 

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