I don't think so.
If box 1 of the main K-1 is $100, that $100 will follow through and eventually be taxable income on your tax return whether or not you qualify for a qualified business income deduction.
If you enter $100 in box 1 of the second K-1, I believe that you will overstate your taxable income. This should be easy to test out on your tax return even before you enter the qualified business income deduction information for each K-1.
Are you able to report $50-$50 or $70-$30 in box 1 of the two K-1's based upon the information reported in the Schedule A STMT?
In addition, if you were to report net income at the screen Enter Income or Loss from Box 1, then I would expect to see:
- V-Section 199A information and the income amount at the screen Enter Box 17 Info, and
- At the screen We need some information about your 199A income:
- Ordinary business income,
- W-2 wages for this business, and
- UBIA of qualified property for this business.
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