So, I received two k-1s from PTPs.
Box 1: 1
Box19: code A: 4
Box 20: code V=1, 20Z=1, 20AE=2, 20AG=7
20AH1(Gross receipts for Unrelated business taxable income purpose)=7
20AH2(Gross deductions for Unrelated business taxable income purpose)=9
20AH3(Federal Reg Bonus Depreciation Adjustment for non-conforming state in ordinary business income)=1
I added all the codes and values(including AH codes) as discussed in How do I enter each K-1 Line 20 amounts, eg 20AD, 20AE, 20AH1, 20AH2 and 20AH3? (intuit.com)
Form 8995A(1) has these values, line 28=16, line 29=0. line 39=3 and value from line 39 went to 1040 line 13.
Questions:
1. So PTP gave me QBI deduction even though my total taxable income was more than QBI limits. this is may be some special rules apply to PTP?
2. When I added PTP K-1 in TT deluxe mac download, did it also took care of the income from PTP? it seems so as k-1 box 1 has positive value. I should not need schedule C. correct understanding?
3. This K-1 is from taxable account, do I need to add unrelated business taxable income and deductions somewhere else in the tax returns?
