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",
you should come to a page that says "enter sales information" the sales price is entered as the amount of the 751 gain $6520, partnership basis 0, ordinary gain same as sales price. use the same $ for AMT. this transfers the gain to where it's supposed to go on form 4797
don't bother entering 20Z or 20AB. Turbotax does not use these entries
continue on until you come to a page that says "We need some information about your 199A income"
enter the 20Z amount on the line that says "ordinary business income or (loss)"
enter the 20AB amount on the line that says "other income (loss)"
That's it for QBI
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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?
box 5, 9a and 10 by definition are not qbi
I have never seen in a PTP where 20Z and totals of lines 1,2 and 3 differ
you can contact the partnership about the difference for an explanation. maybe it's right.
if you did not sell this PTP the QBI loss is not used in the current year QBI computation. it will carry forward until either the partnership generates income or you dispose of it.
your other option is to use the 20Z info as given see above for entry.
