natereed
Returning Member

How to enter Section 199A information?

I have code "AH*" and value="STMT" in Box 20 of my K1.

 

The attached "Partner's Section 199A Worksheet" has these values:

 

  Net rental income (loss)

  W2 wages 

  Qualified Property

 

In the TurboTax questionnaire, there is a checkbox for "UBIA of qualified property" (Unadjusted Basis Immediately After Acquisition).  Is this the same value as Qualified Property? 

 

 

 

‎August 28, 2022 6:41 PM
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tagteam
Level 15
Level 15

Business & farm

Although it could very well be, you should check with the issuer of your K-1.

‎August 29, 2022 7:23 AM
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natereed
Returning Member

Business & farm

The CPA that generated the K-1 for the investment sponsor won't answer my questions. 

 

Short of hiring a CPA (which defeats the purpose of doing my own taxes), is there a resource that explains this?

 

‎August 29, 2022 12:02 PM
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tagteam
Level 15
Level 15

Business & farm

See https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-i...

 

It is most likely UBIA that was shortened on the statement you were issued.

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‎August 29, 2022 12:11 PM
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