Hello,
I have a single Schedule K-1 for a LLC I participate in. Box 20 contains "Z - STMT". The corresponding 199A contains the following four line items:
ORDINARY INCOME (LOSS)
SELF-EMPLOYMENT EARNINGS (LOSS)
W-2 WAGES
UNADJUSTED BASIS OF ASSETS
In TurboTax, I have selected code Z for box 20 to trigger the "We need some information about your 199A income" screen. I have entered the values from my 199A for W-2 WAGES and UNADJUSTED BASIS OF ASSETS in the appropriate boxes.
Here is my question: Do I enter the values from my 199A for ORDINARY INCOME (LOSS) and SELF-EMPLOYMENT EARNINGS (LOSS) or not? These values on my 199A exactly match the values in Box 1 and Box 14a on my K-1. It is unclear to me if I need to enter these values on the "We need some information about your 199A income" screen or if the values are automatically pulled by TurboTax from Box 1 and 14a.
NOTE: If I do enter these values on the "We need some information about your 199A income" screen TurboTax seems to lower my tax burden by about $10k even though the values I enter exactly match the values in Box 1 and 14a. That's the source of my confusion.
Thank you!
