How do I enter information from a Grantor Letter?

[jimsclark]

I tried doing it Matyr's  way using the limited partnership selection  but there are missing steps and if you don't hit the right options you find yourself going down  rabbit holes of information questions that I had no clue how to respond to and never got to a screen that clearly asked for the business income or a place it had me enter Hines Global info as the Real Estate option did. 

Jacker's way is straight forward and obvious where to put the info.  I know Hines verified this way but agree the amounts don't show up in the boxes indicated by the letter and it appears the Partnership option is what is indicated in the letter. 

If there is a step by step guide for the Limited Partnership option I would greatly appreciate it.  

[DorothyJ]

@tagteam  Yes, I entered it as a Partnership

[DorothyJ]

@jimsclark I'll give it go.  This is based on @Martyr 's post above; I borrowed the format that @Jacker used.  Hats off to them!

First create a K-1 Partnership ( USE EASY STEP in TurboTax) with the Hines Liqudating Trust name, EIN and address.

Select: Limited Partner

Select: Domestic Partner

SKIP % of share, liability share & capital account info pages

Describe Partnership: None apply

Type of Activity: Rental real estate

Special Handling: NO

SKIP Box 2 Info

Select Boxes 4 to 7, 8 to 10 and 20

Enter: Box 5, Interest from Grantor Letter

Enter: Box 9c, Unrecaptured Section 1250 Gain from Grantor Letter

Enter: Box 10, Business Property Gain or Loss from Grantor letter

About Section 1250 Gain YES

        Section 1250 Gain Detail, enter Unrecaptured Section 1250 Gain from Grantor Letter (same as 9c)

At Box 20, select the Z-Section 199a and hit continue.

Describe Partnership: all blank

Select: Yes - we see you have section 199A income

Next screen enter name and EIN for Hines Global REIT Properties, LP. 

Next screen select Hines Global REIT has business income (loss). It will drop down 4 boxes. 

Enter Partnership Income from Passive Activities in the Ordinary Income (loss) box.

Enter the QBI number in the Rental Income (loss) box.

Check the UBIA box and enter the UBIA number. Hit continue.

Next screen check None of these apply.

Next screen No.

Next screen Done.

Hope this helps!

[da1963]

HI Friends,

I spoke with Someone from HINES investor relations / customer service today.  There was a typo on the Grantor letter.  The amount for Section 199A UBIA - should NOT go on Sched E, but Form 8995.  I asked them if they were going to send a revised letter, and they sent only to people who call and request one.  Also,  the "year end" date is incorrect on this letter,  It should say 12/31/2020 not 2021!  E & Y prepared this letter for them.

Question - I want to start using the instructions that were kindly provided by Jacker.  My only question is where did you enter  

Qualified Business Income Information:

     Section 199A UBIA ???

The number to call and revised a correct Grantor Letter is [phone number removed]  #2

[Martyr]

I passed @da1963 's info along to my investment advisor who followed up with Hines.  I got a reply from Hines, which said they just released an updated guide for entering the info on TT yesterday, and sent me a copy.  They say that part of what is making this so confusing is that different versions of TT handle it differently (but they do not give any further info about which versions and key differences).  Hope this helps a bit.

(Note: I have removed the contacts name.  The person at Hines who responded to me has asked that people contact Investor Relations, not him.  His role is working with the investment advisors, not the investors.)

[DorothyJ]

Where can we find this updated guide?

[Martyr]

I don't see a way to attach the guide here, so I assume you need to contact Hines investor relations.  Good luck.

[Wherman396]

DorothyJ

Your example for putting Data into the K-1 Partnership has worked the Best.  Almost 100% of the forms have been filled in as per the Grantor Letter.  The only value that seems to be missing or put on another form is "Partnership income from Passive activities". The Letter suggests that it should be on schedule E, Part II, but it ends up on form 8995 together with Section 199A QBI. ( who knows if the Letter is right anyway)

So, I think we are almost there and we should use your instructions.

[tagteam]

@Martyr 

In what format is the guide? You can attach a file by using the little paperclip icon at the bottom of the text box when you post.

Otherwise, you might be able to copy the text, paste it into the text box and post. 

[Martyr]

@tagteam- Sorry if I am being thick as a brick, but I couldn't find a paperclip / attachment function here in the forum message system.  The doc is a 2 mb PDF and far too large to cut and paste.  Probably better to contact Hines.

[tagteam]

@Martyr 

I am not sure you would have sufficient privileges to attach a file of that size so it is probably a moot point.

Regardless, I agree that emailing the Hines rep is the best method in this instance.

[Martyr]

@Wherman396- Look at @da1963 's post yesterday.  They describe their conversation with Hines, and the problem you are running into is the error they are correcting.  The "Partnership income from Passive activities" is supposed to go on form 8995, not Schedule E as the original letter said.  I suggest you contact Hines to get the corrected letter and updated TT guide, just to make sure this is all correct. Good luck.

[DorothyJ]

Yes, this is good advice.  I called them a little while ago (had to wait about 8 minutes on hold).  They took my email address & I had the updated instructions almost immediately.  You can find their 888 number by searching for "Hines customer service".

[da1963]

Lucky you. I've been waiting for my revised letter via e mail for over 24 hours.

thank you

[da1963]

can you share the Hines e mail??