Hi Tax Experts,
I received a K-1 for owning publicly traded shares of IEP in 2023. This is my first time receiving a K-1 and I am confused about three things:
1) How can I find out if IEP is a Specified Service Trade or Business? I believe it is based on the underlying businesses. Does it say somewhere on the K-1? Turbotax asks about this when entering the K-1 info.
2) Box 20Z has a negative amount for Section 199A PTP Income. Later it says you should have received a "Statement A" with the K-1, but I did not receive any statement, and the K-1 package online does not have it. Should I enter the same information from Part III of the K-1 ie Box 1 ordinary business income amount? Boxes 2 and 3 are 0.
3) Turbotax has a page that says "Enter Box 20 Other Information Amounts" which asks about some Coal projects and has blank description boxes at the bottom. Is this asking about the Box 20 ZZ entries? Do I need to enter the descriptions and amounts there?
Appreciate any help.
