Great answer, thank you very much, I would have done it wrong. The only item I'm uncertain about now is box 14:
On my 199A there is only income reported for the two pass-through entities, nothing for the main entity whatsoever (it's not listed). Moreover, the two pass-through entities only reported in the Ordinary business income (loss) field. I believe this Ordinary business income (loss) for both entities pertains to box 5. As such, I've completed the allocation process for box 5 between the 3 entities as you described.
However, I wasn't sure what to do with box 14 in that case. The K-1 I received has code E, H, and I. It seems that E & H pertain only to the main entity, so I expect I'll only report those codes on the K-1 I file for the main entity. But how should I handle code I (India)?
- Should I report code I only on the two pass-through entity K-1's, omitting it from my K-1 for the main entity? This seems correct, since there is no 199A information to report for the main entity. In this case the Ordinary business income (loss) I file on the "We need some more information about your 199A income..." screen I encounter later in TurboTax would be the same as what I reported in box 5 per entity. OR
- Should I report code I (India) on all of the K-1's I file, for the two pass-through entities AND the main entity? This seems wrong because the K-1 reports no information on 199A relating to the main entity, so I don't know what I would enter on the following TurboTax screens when it asks for more 199A information related to the main entity.
Thanks again, very much appreciate your help.
