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Get your taxes done using TurboTax
Thanks for the reply! The K-1 has no useful footnotes. This is all i got:
"THE SECTION 199A AMOUNTS TO BE USED IN THE CALCULATION OF QUALIFIED
BUSINESS INCOME DEDUCTION ON YOUR 1040/1041 RETURN ARE REPORTED ON LINE 20,
UNDER CODE Z. PLEASE CONSULT YOUR TAX ADVISOR REGARDING THE CALCULATION OF
THE QUALIFIED BUSINESS INCOME DEDUCTION, INCLUDING THE POSSIBLE
AGGREGATIONS AND LIMITATIONS THAT MAY APPLY AND THE FILING OF THE
1.199A-4(C)(2)(I) ANNUAL DISCLOSURE STATEMENT."
I was thinking it was clear I could not aggregate these businesses. Is that not accurate? The Partnership that invested in each of these deals and generated my K-1 owns a minority and passive interest in the various other businesses.
I struggle with leaving stuff out, because it feels like that will bite me in a future year and I may not even know it! I guess it could also benefit me, but I'd prefer to simply input the K-1 correctly! Kills me that Turbo Tax can't just upload this and input the data where it should go on it's own! Where is AI when you need it???