It appears that your Schedule K-1 reports Ordinary Income from both the S-Corp itself and a PTP. Since the business that generated the Section 199A income is a publicly traded partnership, you need to treat it as a separate activity.
- Go back and remove the Section 199A income from Box 17 of the S-Corp K-1. If there are multiple sources of Sec 199A income, only remove what is attributable to the PTP.
- Create another K-1 for the PTP under Partnerships/1065. Use the same basic info from the S-Corp but add "PTP" to the name.
- Be sure to check the PTP box on the page "Describe the Partnership."
- Enter the items of income in the appropriate boxes on the K-1, except use Box 20 Code Z for the Sec 199A income.
- This will allow you to report the Sec 199A Ordinary Income from the S-Corp Box 17 Code V.
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