@poncho_mike You're definitely on the right track. On your specific questions:
- For USAC, you'd check that "the income comes from the partnership..." That line is just used by TT to connect the QBI income you're entering to the USAC K-1. Checking the other box causes TT to try to create a brand new partnership form, which isn't what you want.
- As to what to enter "199A Income" screen I'll preface this with noting that I'm not a CPA. I'm confident about the handling of the first line (business income (loss)), but less so about the other lines. If you're in a situation where the handling of those numbers is going to make a significant impact on your taxes, its probably worth hiring outside expertise. With that said:
- The business income (loss) lines are handled just as you've been doing. Note that when you sell, and have "Ordinary Income", it will be entered on the "Other Income" line
- I enter the 1231 gain (loss) info, and 179 deductions, if they appear on the K-1.
- For "other deductions", I only enter items from the K-1 if I actually took the deduction elsewhere on my return. So for example, if you itemize and took the $46 interest expense deduction, then I'd include it as a 199A deduction to reduce the QBI you're adjusting. But if you didn't itemize, you didn't get that deduction and shouldn't enter it here.
Hope that helps!
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
