I now understand the correct way to enter the box 20 QBI info for a K-1 with multiple pass-through entities. I should create a new K-1 entry for each pass-through EIN listed in the K-1 box 20, code Z section.
I didn't know this (and didn't do it) for the past couple of years for my investment K-1s where there were 20-30 pass-through entities per K-1. I essentially added up all the pass-through entity figures to reach a total for each category (rent, W-2 wages, 1231 gain, basis, etc) and used those figures in the main K-1. (To clarify, I did create a separate K-1 entry for box 1 and box 2 figures, but not for each of the EINs of the pass-through entities. So, I had a total of 2 K-1 Ttax entries per main K-1.)
Now I wonder if I should go back and amend those returns, or just start correctly entering it from here. Can an expert tell me how adding up all the pass-through entity values and using that as my QBI entry effected the turbotax calculation of the section199A deduction? What is the flow of the calculation, and how did my error effect it? Did I gain or lose deductions by doing it that way? And how significant might the difference be? I don't understand the purpose of separating out each pass-through EIN.
I hate to think of entering 20-30 new K-1 entries for each investment K-1. Help! Thanks!
