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April 10, 2023
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How to enter a k-1 with 3 passthrough entities? Some have rental income and W-2 and some don't. How about box 1-19?

  • April 10, 2023
  • 1 reply
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Best answer by JamesG1

I assume that you entered all the real estate activity on one K-1 entry.  If this is not the case, please clarify.

 

Learn more at the screen Choose Type of Activity states:

 

 

Note 

 

If your K-1 shows more than one type of activity, treat each one separately. Enter all business items on one K-1, all real estate rental items on another K-1, and all other rental items on a third K-1.

 

If you entered the total of all of the real estate activities under Box 2 at the screen Choose Type of Activity, enter the total of the net rental real estate income / (loss), W-2 wages and qualified property at the screen We need some information about your 199A income.

 

  • At the screen Enter Box 20 Info, select Z-Section 199A information.  Leave Amount empty.  This tells the software that Section 199A information will need to be entered for the income previously reported.  Click Continue.
  • At the screen We see you have Section 199A income, select the appropriate income description.  Click How would I know this? for more information.
  • At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1.  Click Continue.

The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.

 

@dywcheng2022 

1 reply

DaveF1006
April 10, 2023

Can you clarify what do you mean you have a K-1 with three passthrough entities?  Usually a k-1 is issued with only by one entity such as a 1065, 11020S, or 1041?

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April 10, 2023

Box 20 code Z.  It states 3 pass through entities with different rental income, W-2 wage and UBIA.  How to enter this K-1 in TurboTax?

 

Thanks

 

 

JamesG1Answer
April 11, 2023

I assume that you entered all the real estate activity on one K-1 entry.  If this is not the case, please clarify.

 

Learn more at the screen Choose Type of Activity states:

 

 

Note 

 

If your K-1 shows more than one type of activity, treat each one separately. Enter all business items on one K-1, all real estate rental items on another K-1, and all other rental items on a third K-1.

 

If you entered the total of all of the real estate activities under Box 2 at the screen Choose Type of Activity, enter the total of the net rental real estate income / (loss), W-2 wages and qualified property at the screen We need some information about your 199A income.

 

  • At the screen Enter Box 20 Info, select Z-Section 199A information.  Leave Amount empty.  This tells the software that Section 199A information will need to be entered for the income previously reported.  Click Continue.
  • At the screen We see you have Section 199A income, select the appropriate income description.  Click How would I know this? for more information.
  • At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1.  Click Continue.

The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.

 

@dywcheng2022 

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