Thanks @Mike9241
Regarding below -
@Mike9241 wrote:Some other things. Look at lines 20Z1. That number should be added to the ordinary income above for reporting the 199A (qualified business income from the PTP). You don’t have to enter this but the you lose out on a tax deduction = 20% of this amount.
- Which ordinary income are you referring to, the one being filled as a part of k1 sales schedule (purchase 0, sales 0, ordinary income = 0) ordinary income = 0+ 20Z1?
- What if PTP has loss 20Z1, the negative amount reduces the refund (Compared to ordinary income being kept 0). Wouldn't 20Z1 get entered as a part of box 20 processing and accounted out there
- Note - assuming 20Z1 = 20Z "Ordinary Business Income (Loss)" since 20Z section didnt have 20Z1 per say & just line items for
- "Ordinary Business Income (Loss)" = -1000.00 (as example)
- "Section 1231 Gain (Loss)" = empty
- "Ordinary income on sale of interests" = empty
