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Get your taxes done using TurboTax
Thank you very much for taking the time to help. Responding to your comments:
2) I don't know how to determine which countries apply to which income. I suppose that the most likely is that they both apply to the ordinary business income part. I get that I need to create a 3rd K-1 to reflect the 2nd country, but do I duplicate the Part III income, expenses, etc.? This would seem to be overstating my income (or loss).
3) TT asks "Is the business that generated the Section 199A income a separate business owned by the partnership?" The help box says that "if the income reported is from a separate business, you would generally receive... some additional paperwork detailing who generated the income and what category it belongs in." My K-1 provided the following. My reading of it is:
a) This is my share at a partner level
b) There are two entities (with different EINs) that contributed to my share
c) I need to list each one - Mozart and Capfinancial to document my Section 199A share
4) I tried to edit the Gross Income sourced at the partner level and TT will not let me -- it's the first thing that I tried. I will add a 3rd K-1 schedule and see if this sorts out the problem as you suggest.
If this does not work, is this something that paying $60 for Tax Guidance will help me with? Thanks again.
Phil