I'll answer according to your question numbers:
- No, your K-1 will report Qualified Business Income regardless of whether you personally qualify for the deduction. The business doesn't have access to your personal situation. Just enter the K-1 with the Section 199A codes as reported to you and TurboTax will calculate your deduction (or deny it if your taxable income is too high)
- Correct - the K-1 is the form you enter to report the income from the PTP
- No, if you follow the step-by-step process to enter the K-1 and enter all codes and amounts shown on it and you will have reported all income appropriately
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