Thank you for the continued help.
SECTION L
- Yes, I have the K-1. Sorry, but when you said Section L I thought you meant Section "L" on the TT K-1 form under D2 - QBI deductions. I do have the K-1 Section L completed in TT.
One of my fundamental problems is whether this MLP has Qualified Business Income. Sometimes it appears the answer is yes and sometimes no. My accountant does not seem to show it, but on Form 8995 he has a Statement "FORM 8995 QUALIFIED REIT DIVIDENDS AND PTP INCOME, MMP PTP INCOME -365" and places this value on 8995 LINE 6.
INTERVIEW PROCESS
- I believe I started with the Interview process, but I have made changes using the Forms process. What I'd like to do is walk through the Interview questions with you below and have you provide a response. I will put my current answers in parenthesis.
- Type of Partner (limited)
- Type of Partner (domestic)
- Percentage of share (entered from 2021 K-1)
- Liability share (from K-1)
- Capital Account (from K-1)
- Describe partnership (PTP box only)
- Type of activity (Business box 1)
- Materially participate (no)
- Oil and Gas property that does NOT limit my liability (no, they do limit my liability)
- Box 1 (-865)
- Boxes checked (I check all boxes used in K-1)
- Describe partnership (I have passive activity losses, All my investment AT-RISK)
- Report carryovers (Box 1 = -813, loss from 2020)
- Other carryovers (none)
- AMT carryovers (Box 1 = -813, loss from 2020)
- Other AMT Carryovers (none)
- QBI Carryovers (this is where I'm stuck. My accountant shows no QBI Carry overs, but he does show the -813 as a passive activity loss carryover)
- Code Z in Box 20 (No Code Z on K-1, but next page has a Supplemental Code 20Z "Section 199A Publicly Traded Partnership (PTP) Income" of -865)
That's it!! I hope you can clarify things for me.
Brett
