Hello, I have 2 separate questions regarding section 199a income for PTP/MLP's.
First issue is, I held a MLP that was sold in 2023. The section 751 gain that resulted is reported in box 20AB: $6520. It corresponds to the ordinary gain amount shown on the sales schedule, which states "this amount is considered qualifying PTP income for Sec. 199A"
The supplemental statement that lists all the different box 20 items shows "box 20Z: Section 199A Publicly Traded Partnership (PTP) Income: $-40", and it corresponds to the box 1 (ordinary business income) amount on the k1.
When turbotax asks about the Statement A information, what should I put? The "supplemental statement" that came with the K1 doesn't break it down like it is in turbotax. Should the box 20Z amount ($-40) go in the "ordinary business income" box, and should the box 20AB amount ($6520) go in the "other income/loss" box and also in the "total ordinary form 4797 gain/loss included above" box? (There is a note on the sales schedule stating to include the ordinary gain on form 4797, line 10).
Second issue, I have another MLP that I still own that reported box 20Z amount of -$280, but it does not correspond to the box 1 amount which is -$30, and like the other MLP, it's supplemental statement does not spell out where to put this amount. The only thing it shows is "Section 199A Publicly Traded Partnership (PTP) Income". The amounts on the k1 are:
box 1 Ordinary business income (loss): -$30
box 5 interest income: $20
box 9a long term capital gain: $10
box 10 section 1231 gain: $60
Any idea where I should put the box 20Z amount on the "We need some information about your 199a income" screen?
Thanks in advance!
