So, I sent an email to Hines this morning and spelled out what I (we) have been running into with the Grantor Letter and TurboTax. I mentioned that I was not alone and asked for instructions. I was pleasantly surprised when I got a call from Hines this afternoon. I spoke to a gentleman that offered to walk me through it over the phone . I told him that someone on the forum had already talked to Hines and was given instructions but things still didn't seem right. He said that they had been going through the steps using TurboTax and this is what I needed to do. All the instructions were the same up to Box 3. It was left blank (so the same thing as 0). Box 14 you choose I - Section 199A info then continue. When you get to the screen after you enter the Hines Global REIT info, select Hines Global REIT has business income (loss). It will drop down 4 boxes. Enter the QBI number in the Rental Income (loss) box. Check the UBIA box and enter the number. The rest is the same.
Nothing flagged any errors. The K-1 worksheet looks good. The negative number that I would have expected to show up on Form 8995 wasn't there, instead a 0. Schedule E nothing but 0's, was expecting to see values input from the Grantor Letter. But no errors flagged. I mentioned that I would have expected to see some values in some of the schedule where there were none. He said that it may be just because of my tax circumstances or no impact in general. Looks like there will be a QBI loss carryover in 2021 shown on the bottom of the K-1 worksheet. Meaning I guess there will be more fun to be had next year. At this point, I am good with it unless someone sees something obviously out of whack.
