DavidS127
Expert Alumni

Investors & landlords

Because your K-1 is reporting Section 199A information generated by the partnership and Section 199A information generated by a passthrough entity, you'll need to "split" this K-1 into two separate K-1s for entry into TurboTax.  Enter one K-1 with only the "box" amounts generated by the partnership, and a second K-1 with only the "box" amounts generated by the passthrough entity.  If you can't figure (deduce) that "split" from the information you have, you will need to contact the preparer of the K-1 to get those amounts.

 

Note that when you enter each K-1, you'll encounter the question "Is the business that generated the Section 199-A income a separate business owned by the partnership?" screen, TurboTax is asking if the Section 199-A income was passed through to the partnership sending you the K-1 by another partnership, S-Corp, or trust; versus being generated by the business operations of the partnership that sent you the K-1.

 

The Section 199A loss amounts go on the "Ordinary business income (loss)" line as a negative number.  The Unadjusted Basis of Assets amount goes on the "....has UBIA of qualified property" line.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"