topic Re: Statement A - QBI Pass-through Entity Reporting on K-1 in Get your taxes done using TurboTax

Statement A - QBI Pass-through Entity Reporting on K-1

Anonymous — Sat, 27 Feb 2021 00:32:13 GMT

Statement A - QBI Pass-through Entity Reporting on K-1 has two columns under "QBI or qualified PTP items subject to partner-specific determinations."

One is "1065, Line 22) and one is "Sch F, Copy 1"

How do I enter these two columns in TurboTax, which only has one box?

Re: Statement A - QBI Pass-through Entity Reporting on K-1

Anonymous — Sat, 27 Feb 2021 00:47:32 GMT

While we're at it, there are also two numbers in Box 14 (Self-employment earnings (loss) ) on my K-1. Which or both of these do I enter in TurboTax Premier?

Re: Statement A - QBI Pass-through Entity Reporting on K-1

JamesG1 — Mon, 01 Mar 2021 22:59:51 GMT

S corporations must file an annual tax return on Form 1120S. The S corporation provides Schedule K-1s that reports each shareholder’s share of income, losses, deductions and credits. The shareholders use the information on the K-1 to report the same thing on their separate tax returns.

In TurboTax Online, follow these directions.

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Wages & Income.
Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received. I am assuming that you are entering a K-1 from an S corporation (Form 1120S).
For several screens, you will be entering data right off the K-1 form.
At the screen Check Boxes That Have An Amount, click on Box 14 Info.
At the screen Enter Box 14 Info, enter the information from the K-1.

Re: Statement A - QBI Pass-through Entity Reporting on K-1

214121412141 — Sat, 13 Mar 2021 23:35:32 GMT

How do I report QBI pass-through if the pass through came from rental property of 1 trust passed through another trust. All I see are instructions for if you are a S Corp