Hi, all.
I’m wondering something about QBI income for PTPs. I’ve noticed that the QBI amount shown in item 20Z on some of my K-1s doesn’t always equal the total PTP income (ordinary business income, net rental income, other income, 1231 income, etc.). I don’t entirely understand this. Specifically, Turbotax asks for these items below.
I don’t usually get a Statement A, so I’ve been just entering the numbers shown on the regular K-1 for these items. But when these don’t total to the 20Z amount, should I be doing this? If not, what should I enter on this screen, absent any other breakdown of what constitutes the 20Z amount?
For example, in one MLP I own, I have just $50 of Section 199A PTP Income, but $447 in ordinary business income and $217 in 1231 gain. I don’t know what accounts for the discrepancy. Would entering $447 and $217 in the fields above be incorrect?
