Hi all,
I received a Schedule K-1 with the usual Ordinary business income in Box 1:
and with Section 199A income in Box 20, Code "Z":
After entering the K-1 info, Turbotax says "We need some information about your 199A income" and "You should have received a Statement A with your Schedule K-1".
I did not receive a "Statement A" in my Schedule K-1. Instead, there was a page inside Schedule K-1 titled "Section 199A Information" and stating "THE PARTNERSHIP IS CONSIDERED A RELEVANT PASSTHROUGH ENTITY. THE FOLLOWING AMOUNTS REPRESENT YOUR SHARE OF SECTION 199A ITEMS":
Based on the information here, is this the right way to answer Turbotax? I am confused because the wording in the Turbotax question about 199A income refers once again to "ordinary business income", which is, of course, already provided in Box 1 (425). But that's different from the amount shown in "Section 199A Information", which simply repeats the Box 20Z info (450). i would appreciate any help. Here is my best guess, and I am also not entirely sure about Wages and UBIA, so all help appreciated:
Thanks in advance!
Gary
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You have entered your Section 199A information correctly. The Statement A in your case is the name the K-1 preparer (software) uses for the Section 199A Statement.
You have entered your Section 199A information correctly. The Statement A in your case is the name the K-1 preparer (software) uses for the Section 199A Statement.
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