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Get your taxes done using TurboTax
I’m trying to find the statement on TurboTax to indicate I’m using my aggregated rental real estate properties as QBI. I see that I’m supposed to go to wages and income, elect a K-1 source and scroll to rental real estate. And then enter amounts in box 20. I’m a little confused about what happens after that? I obviously don’t get a K-1 bc I’m not a partner in any venture. If I enter the amounts here, as it going to generate a K-1 and I’m going to pay double the amount from my schedule E and also from this K-1?
In previous years, TT has calculated the WBI for me on form 8995
even though I’m not a trade or business, I’m just an RREE. am I correct that if I say I’m a trade or business, that just applies to the 199A ddn and doesn’t turn me into a trade or business for any other purposes like for my Schedula E?