How do I calculate QBI Passive Ops Loss when Schedule K1 (form 1065), line 20, shows Z entry as "STMT"? Description for Section 199A has Rent amounts listed for Rental Income, W-2 Wages, and Unadjusted Basis of Assets. Do I need to request a K-3?
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When entering your K-1 into TurboTax, it should have a place to enter those number for QBI purposes.
A K-3 has nothing to do with QBI; it has to do with foreign income.
if the k-3 box on the k-1 is not checked you do not need it nor will there be one. when you enter the k-1 info you'll come to a question about having 20Z info to which you answer yes. answer the questions on the next screen. then you come to a screen asking for more info about 199A income ckeck everyone that applies and then enter amounts in the appropraite box. then continue on (20z isn't actualy used. there is aanother section D1 which accepts the 199A info. that's thransfered to form 8995 to compute any QBI.
Thank you. I had previously entered the information, but when I went through it a second time, it was ok.
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