Statement A lists values for the following:
Ordinary business income
Net rental real estate income
Qualified property
It looks like you are reporting two activities under this partnership, ordinary business income and net rental real estate income.
At the screen Choose Type of Activity, click the hyperlink Learn more. The note will say:
If your K-1 shows more than one type of activity, treat each one separately. Enter all business items on one K-1, all real estate rental items on another K-1, and all other rental items on a third K-1.
So there will be one K-1 entry for box 1 income. There will be a second K-1 entry for box 2 income. You may have attachments or detail which explains how those items break down. You may find qualified business income deduction information included in box 20 that refers to box 1, box 2 or both boxes of income.
The qualified property may be entered as 199A information for one or both of the activities. The provider of the K-1 may detail which activity the qualified property is assigned to.
Click through the screens until you reach Enter Box 20 Info.
- At the screen Enter Box 20 Info, select Z-Section 199A information. Leave Amount empty. This tells the software that Section 199A information will need to be entered for the income previously reported. Click Continue.
- At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information.
- At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1. You will enter the qualified property under UBIA of qualified property.
The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.
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