What to enter for K-1 Line 20 Code V?

Forum|Forum|7 years ago
June 5, 2019
3 replies
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In my K-1 have both box 1 and box 2 checked. As I understand it is real estate eFund which has both a Real Estate Development (box 1) and Rental (box 2) lines of business, hence the multiple incomes. I understand I will need to fill out two K-1 one for each.

Line 20 code V, Z, AA, AB are listed with "STMT". When I checked the supplementary statement. I find that Code V lists out everything in percentage, such as:
"UBTI included on Line 1 -Qualified ORG* 100%",

"UBTI Included on Line 2 - Qualified ORG* 17.06%"

....

and so on for each of the line/boxes (so line 1, 2, 5, ...) that has a dollar amount. In Turbotax the field for Line 20 code V simply has a dollar amount. My question is what should I enter here? How do I calculate from the percentages (if I choose one, which one?) given in my K-1 statements to a single dollar amount? And should I enter the same value for each of the two K-1?

TurboTax Premier Windows

Best answer by Irene2805

Code V (unrelated business taxable income) is not applicable to individual tax returns. So you can ignore those entries and just enter the others--Z, AA, AB-- which have to do with the Section 199A credit.

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Irene2805

Is the K-1 from a partnership or an S-Corp?

S

S8NpTlAuthor

Employee

This is a partnership as far as I know.

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Irene2805Answer

Code V (unrelated business taxable income) is not applicable to individual tax returns. So you can ignore those entries and just enter the others--Z, AA, AB-- which have to do with the Section 199A credit.