I will preface this by saying that I believe I cannot aggregate because all the entities are SSTBs. The QBI Deduction is phased out from high income on this 2024 return.
I have two schedule K-1s (Form 1120-S) for two main S-Corps lets call them number 1 and number 2.
They each have a value in Box 1 (and not in 2 or 3; so I know I don't have to split the K-1 for that reason)
On each, Box 17 has Code V;
Each has Statement A - QBI Pass-Through Entity Reporting.
I created a separate K-1 for each entity, four on number 1 and six on number 2, so I have ten in total. They all appear in part II on schedule E. (Note: Last years return done by the acct. only showed the two main entities in Part II, and did not detail any pass-throughs and had different EINs than those on the K-1s. not sure why.)
For main K-1 number 1, there are four entities, the main and three others, all SSTBs. All the Ordinary business incomes listed in the four combined, add up to Box 1 on the main K-1. No problem there.
! For main K-1 number 2, there is the main entity and five others. The main one's box is not checked for SSTB, it has a loss listed. All the others are marked SSTB and have positive numbers. All six of the Ordinary business income (loss) values added up, DO NOT equal the Box 1 on the main K-1. I cannot figure out why. It is different by about $800. IE checking against box 1 of the K-1, it does not match.
This pushes to schedule E p2 Part II eventually line 32. Then that to schedule 1 line 5 and is included in line 8 of 1040, making the added income $831 higher and changing the computed tax. This does not seem correct.
