Statement A - QBI Pass-through Entity Reporting (Schedule K-1, Box 17, Code V) Multiple Businesses

[user17733488143]

I received a Schedule K-1 (Form 1120-S) from Company "B". On the attached Statement A - QBI Pass-through entity reporting (schedule K-1, Box 17, Code V), it includes columns for Company "B" and Company "R" with different amounts of Rental Income and UBIA of qualified property for each company. How do I enter this information in TurboTax?

[PatriciaV]

For QBI reported on Statement A with Schedule K-1 (1120S), add together all numbers for each QBI category and enter the sum. The separation of multiple sources is not necessary for QBI because you are a member of the S-Corp that owns the companies (QBI flows through to you as one number).

[user17733488143]

Thank you for your response. Just to clarify, do I also add together the UBIA of qualified property lines or just report the UBIA of the S-Corp that issued me the K-1? Also, I report the sums under the name of the S-Corp that issued me the K-1, correct?

Thanks again

[PatriciaV]

Yes, add the UBIA figures together and enter the total as well.