as i previously stated if you have 20 k-1s, no PTPs involved, some with losses and others with income on line 2, you can ignore the separate breakdown per k-1 for the tier entities. you would also enter the QBI items per k-1 as an aggregate. so at most you would have 20 k-1's to enter in TurboTax. this is so unless the k-1 instructions indicate that separate reporting is required. (could be due to foreign investment)
however, if the K-1 contains income or loss on more than one line of 1, 2, or 3 a separate k-1 is required for each. This is a Turbotax requirement. QBI items would then have to follow the k-1 reporting in Turbotax. But again amounts can be aggregated. this is what would happen if every k-1 was entered separtely. as a LP the income and losses would be passive so income line 1 of the k-1 would flow to form 8582 lines 2a for income and 2b for losses. line 2 of k-1 would flow to form 8582 lines 1a for income and 1b for losses.review form 8582 to see the computations
as an LP part II of the form would not apply
i should have also pointed out, that aggregation MAY pose an issue if the LP disposes of one or more of its PTEs. then if it doesn't provide the info necessary to determine what you need to report due to the disposition. then you will need to look back on the prior k-1 for the PTE. IRS rules now require the K-1 capital account to be on the tax basis.
while PTPs may stand on their own, non-PTPs are aggregated (except as noted above) to determine any allowable passive loss and any allowable QBI deduction.
we can't see what was entered
