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A
asalot
March 19, 2021
Question

Schedule K-1 (1065)

  • March 19, 2021
  • 1 reply
  • 0 views

Hello.

I don't use Turbotax

Recently I got my first K-1 form. Do I need to put K-1 company to form 8995 in line 1? 

If yes, How can I find out the qualified business income  (box C) in form 8995?

Should I fill in form 4749 and 4952?

I realized that I need to file state taxes for all states?

 

Thank you

 

 

 

 

 

 

    1 reply

    J
    JamesG1
    March 21, 2021

    Partnership K-1  enters 8995 information at the screens We need some information about your 199A income and We See you have Section 199A Income.  In many cases,  you will likely need to enter the following: information:

    • Ordinary business income (loss) from this business,
    • W-2 wages for this business, and
    • UBI of qualified property for this business.

    But box 1 income is a loss and not QBID will be generated.

     

    IRS Form 4952 will be entered when you enter code B information for Box 20.

     

    I do not find form 4749.

     

     

     

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