JamesG1
Expert Alumni

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Ideally, the preparer of the K-1 and attachments has provided a breakdown for what may be reported on each of the K-1 entries.  This would insure the proper cost basis for the assets and proper qualified business income deduction.  See sample.

 

Original K-1                                                                         1                                                             2

 

Box 1     $1,000                                  =                              $1,000

Box 2     $500                                     =                                                                                             $500

Box 4     $100                                     =                              $75                                                          $25

Box 5a   $200                                     =                              $150                                                        $50

Box 5b   $100                                     =                              $75                                                          $25

W-2 wages $50,000                           =                             $25,000                                                25,000

UBIA $100,000                                   =                             $50,000                                                $50,000

 

@ezreub 

[Edited 04/10/25 | 7:17 pm PST]

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