Yes, multiple Qualified Business Income (QBI) "passthrough entities" require a separate K-1 for each entity.
Because your K-1 is reporting Section 199A information generated by the partnership and Section 199A information generated by several passthrough entities, you'll need to "split" this K-1 into separate K-1s for entry into TurboTax. Enter one K-1 with only the "box" amounts generated by the "main" partnership, and a additional K-1s with only the "box" amounts generated by each separate passthrough entity.
During the first part of the K-1 entry, all the separate K-1s use the name, address, and EIN of the "main" partnership shown on the K-1 you actually received. In other words, enter each additional Schedule K-1 just like the first through Part II Line I (India), and the appropriate at-risk answer under Line K. You don't need to enter the partner share percentages or the partner capital account amounts on the additional K-1s.
The boxes 1-20 on the K-1 you received are the combined totals of the main entity and the passthrough entities. You must figure out how much of each box 1-20 is for the main entity versus each passthrough entity, and that is the "split" you use to enter the box 1-20 on the separate K-1s. The total each numbered box for your separate K-1 forms must equal the total for that box on the K-1 you actually received. For example, all box 1 amounts on the separate K-1s should add up to the box 1 amount for the actual K-1 you received. If you can't figure (deduce) that "split" from the information you have, you will need to contact the preparer of the K-1 to get those amounts.
The Section 199A Statement you received for box 20 code Z should already "split" the Section 199A amounts between the entities, so you enter the Section 199A amounts for each entity on the K-1 you've created for that entity.
Note that when you enter each K-1, you'll encounter the question "Is the business that generated the Section 199-A income a separate business owned by the partnership?" screen, TurboTax is asking if the Section 199-A income was passed through to the partnership sending you the K-1 by another partnership, S-Corp, or trust; versus being generated by the business operations of the partnership that sent you the K-1. So, on one of the K-1s you enter you will answer that it is from the "main" partnership, and on the other you will enter that it is from the pass-through entity. TurboTax will ask for the name and EIN of each pass-through entity.
@brysk
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
