Hi TagTeam!
Thanks for the replies!
I need some clarification on you answers, if you have time.
There is a tab for distributions that allows you to print out the K-1s. It includes the cover letter and codes and the extra sheet I referenced. Do you know why the Statement isn't included?
Regarding how to input the information as a beneficiary, I am not sure how to apply the info on the form to the questions asked in TT. There are 2 columns, both say the name of the property, and one has "Prev disallowed losses". Both column have an amount for Rental Income and the first column also has an amount for UBIA of Qualified Property.
- Which number (the one in the 1st column or the one in the Prev disallowed losses column (or do I add them together?) do I include in the Enter Box 14 Info? They are negative numbers....should they be entered as negative? Or, do I leave that blank?
- There is then a screen called "Passive Loss Carryovers" that specifically says to enter it as a negative number. Is this were I would enter the "Prev disallowed losses" number?
- There is then a screen called Qualified Business Income Carryovers. Would this number be on this form?
- There is then a question that asks if the Section 199A income from Box 14 includes business income from a business held by the trust. The two options are Yes or that the only source is Section 199A dividends (also called REIT dividends. The second option doesn't seem right, but if I choose the first one, it says to enter the business name and EIN (and says this would be separate from the name and business of the Trust, which is isn't. Any thoughts as to how to answer this question?
