topic Should I include all values in a K-1 entry with Box 1 or can I pair a Box 20 loss with a Box 2 gain to offset income? in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/should-i-include-all-values-in-a-k-1-entry-with-box-1-or-can-i-pair-a-box-20-loss-with-a-box-2-gain/01/802414#M31719 <P>I'm wondering of there is any advantage or rules as to the handling the different entries Turbo Tax requires for K-1s with values in multiple boxes.</P> Sat, 08 Jun 2019 00:23:22 GMT wkojr71 2019-06-08T00:23:22Z Should I include all values in a K-1 entry with Box 1 or can I pair a Box 20 loss with a Box 2 gain to offset income? https://ttlc.intuit.com/community/business-taxes/discussion/should-i-include-all-values-in-a-k-1-entry-with-box-1-or-can-i-pair-a-box-20-loss-with-a-box-2-gain/01/802414#M31719 <P>I'm wondering of there is any advantage or rules as to the handling the different entries Turbo Tax requires for K-1s with values in multiple boxes.</P> Sat, 08 Jun 2019 00:23:22 GMT https://ttlc.intuit.com/community/business-taxes/discussion/should-i-include-all-values-in-a-k-1-entry-with-box-1-or-can-i-pair-a-box-20-loss-with-a-box-2-gain/01/802414#M31719 wkojr71 2019-06-08T00:23:22Z You need to find out if the numbers in Box 20 apply to yo... https://ttlc.intuit.com/community/business-taxes/discussion/you-need-to-find-out-if-the-numbers-in-box-20-apply-to-yo/01/802423#M31721 You need to find out if the numbers in Box 20 apply to your actual business income (Box 1) or to the rental income (Box 2), and enter it according to that. Sat, 08 Jun 2019 00:23:24 GMT https://ttlc.intuit.com/community/business-taxes/discussion/you-need-to-find-out-if-the-numbers-in-box-20-apply-to-yo/01/802423#M31721 TaxGuyBill 2019-06-08T00:23:24Z Excellent. Thank you, TaxGuyBill. So it seems Box 20 valu... https://ttlc.intuit.com/community/business-taxes/discussion/excellent-thank-you-taxguybill-so-it-seems-box-20-valu/01/802430#M31722 Excellent. Thank you, TaxGuyBill. So it seems Box 20 value coded "Z" for "qualified business income" would go with the box 1 k-1. On the second tt k1 for box 2, I'd simply leave box 20 empty. Sat, 08 Jun 2019 00:23:25 GMT https://ttlc.intuit.com/community/business-taxes/discussion/excellent-thank-you-taxguybill-so-it-seems-box-20-valu/01/802430#M31722 wkojr71 2019-06-08T00:23:25Z NO - code Z in Box 20 is the amount included in total inc... https://ttlc.intuit.com/community/business-taxes/discussion/no-code-z-in-box-20-is-the-amount-included-in-total-inc/01/802435#M31723 NO - code Z in Box 20 is the amount included in total income that is classified as "qualified business income" (Section 199A income) for purposes of the 20% QBI deduction on line 9 of Form 1040 (you don't want a 20% deduction for QBI?). Please stop thinking you can "combine" things - it doesn't work like that. Just enter the K-1 amounts into the proper fields with the proper Box "Codes" and be done with it - your return will come out correctly then. Sat, 08 Jun 2019 00:23:27 GMT https://ttlc.intuit.com/community/business-taxes/discussion/no-code-z-in-box-20-is-the-amount-included-in-total-inc/01/802435#M31723 TerryA 2019-06-08T00:23:27Z @TurboTaxTerry   In TurboTax, it tells you to enter it as... https://ttlc.intuit.com/community/business-taxes/discussion/turbotaxterry-in-turbotax-it-tells-you-to-enter-it-as/01/802441#M31724 <A href="https://ttlc.intuit.com/users/d62384b3-a64b-4958-85dd-cda1ee683b82" target="_blank">@TurboTaxTerry</A>&nbsp;&nbsp;&nbsp;In TurboTax, it tells you to enter it as a separate K-1 if there are amounts in Box 1 (usually non-passive) and in Box 2 (usually passive). That means the user will be entering it as if there are TWO K-1s.&nbsp;&nbsp;So the user is trying to figure out WHICH of those two K-1s to enter the information from the other boxes of the real K-1.&nbsp;&nbsp; Sat, 08 Jun 2019 00:23:28 GMT https://ttlc.intuit.com/community/business-taxes/discussion/turbotaxterry-in-turbotax-it-tells-you-to-enter-it-as/01/802441#M31724 TaxGuyBill 2019-06-08T00:23:28Z There is very much a difference in how different types of... https://ttlc.intuit.com/community/business-taxes/discussion/there-is-very-much-a-difference-in-how-different-types-of/01/802451#M31725 <P>There is <B>very much </B>a difference in how different types of income and deductions are treated in a tax return. You shouldn't combine any two different things. The entity's tax preparers have already done all the combining for you and what's left over are the values you see on the K-1.<BR /></P> Sat, 08 Jun 2019 00:23:30 GMT https://ttlc.intuit.com/community/business-taxes/discussion/there-is-very-much-a-difference-in-how-different-types-of/01/802451#M31725 TerryA 2019-06-08T00:23:30Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic Should I include all values in a K-1 entry with Box 1 or can I pair a Box 20 loss with a Box 2 gain to offset income? in Business & farm
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/should-i-include-all-values-in-a-k-1-entry-with-box-1-or-can-i-pair-a-box-20-loss-with-a-box-2-gain/01/802414#M31719
</link>
<description>
<P>I'm wondering of there is any advantage or rules as to the handling the different entries Turbo Tax requires for K-1s with values in multiple boxes.</P>
</description>
<pubDate>Sat, 08 Jun 2019 00:23:22 GMT</pubDate>
<dc:creator>wkojr71</dc:creator>
<dc:date>2019-06-08T00:23:22Z</dc:date>
<item>
<title>
Should I include all values in a K-1 entry with Box 1 or can I pair a Box 20 loss with a Box 2 gain to offset income?
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/should-i-include-all-values-in-a-k-1-entry-with-box-1-or-can-i-pair-a-box-20-loss-with-a-box-2-gain/01/802414#M31719
</link>
<description>
<P>I'm wondering of there is any advantage or rules as to the handling the different entries Turbo Tax requires for K-1s with values in multiple boxes.</P>
</description>
<pubDate>Sat, 08 Jun 2019 00:23:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/should-i-include-all-values-in-a-k-1-entry-with-box-1-or-can-i-pair-a-box-20-loss-with-a-box-2-gain/01/802414#M31719
</guid>
<dc:creator>wkojr71</dc:creator>
<dc:date>2019-06-08T00:23:22Z</dc:date>
</item>
<item>
<title>
You need to find out if the numbers in Box 20 apply to yo...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/you-need-to-find-out-if-the-numbers-in-box-20-apply-to-yo/01/802423#M31721
</link>
<description>
You need to find out if the numbers in Box 20 apply to your actual business income (Box 1) or to the rental income (Box 2), and enter it according to that.
</description>
<pubDate>Sat, 08 Jun 2019 00:23:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/you-need-to-find-out-if-the-numbers-in-box-20-apply-to-yo/01/802423#M31721
</guid>
<dc:creator>TaxGuyBill</dc:creator>
<dc:date>2019-06-08T00:23:24Z</dc:date>
</item>
<item>
<title>
Excellent. Thank you, TaxGuyBill. So it seems Box 20 valu...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/excellent-thank-you-taxguybill-so-it-seems-box-20-valu/01/802430#M31722
</link>
<description>
Excellent. Thank you, TaxGuyBill. So it seems Box 20 value coded "Z" for "qualified business income" would go with the box 1 k-1. On the second tt k1 for box 2, I'd simply leave box 20 empty.
</description>
<pubDate>Sat, 08 Jun 2019 00:23:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/excellent-thank-you-taxguybill-so-it-seems-box-20-valu/01/802430#M31722
</guid>
<dc:creator>wkojr71</dc:creator>
<dc:date>2019-06-08T00:23:25Z</dc:date>
</item>
<item>
<title>
NO - code Z in Box 20 is the amount included in total inc...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/no-code-z-in-box-20-is-the-amount-included-in-total-inc/01/802435#M31723
</link>
<description>
NO - code Z in Box 20 is the amount included in total income that is classified as "qualified business income" (Section 199A income) for purposes of the 20% QBI deduction on line 9 of Form 1040 (you don't want a 20% deduction for QBI?). Please stop thinking you can "combine" things - it doesn't work like that. Just enter the K-1 amounts into the proper fields with the proper Box "Codes" and be done with it - your return will come out correctly then.
</description>
<pubDate>Sat, 08 Jun 2019 00:23:27 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/no-code-z-in-box-20-is-the-amount-included-in-total-inc/01/802435#M31723
</guid>
<dc:creator>TerryA</dc:creator>
<dc:date>2019-06-08T00:23:27Z</dc:date>
</item>
<item>
<title>
@TurboTaxTerry   In TurboTax, it tells you to enter it as...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/turbotaxterry-in-turbotax-it-tells-you-to-enter-it-as/01/802441#M31724
</link>
<description>
<A href="https://ttlc.intuit.com/users/d62384b3-a64b-4958-85dd-cda1ee683b82" target="_blank">@TurboTaxTerry</A>&nbsp;&nbsp;&nbsp;In TurboTax, it tells you to enter it as a separate K-1 if there are amounts in Box 1 (usually non-passive) and in Box 2 (usually passive). That means the user will be entering it as if there are TWO K-1s.&nbsp;&nbsp;So the user is trying to figure out WHICH of those two K-1s to enter the information from the other boxes of the real K-1.&nbsp;&nbsp;
</description>
<pubDate>Sat, 08 Jun 2019 00:23:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/turbotaxterry-in-turbotax-it-tells-you-to-enter-it-as/01/802441#M31724
</guid>
<dc:creator>TaxGuyBill</dc:creator>
<dc:date>2019-06-08T00:23:28Z</dc:date>
</item>
<item>
<title>
There is very much a difference in how different types of...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/there-is-very-much-a-difference-in-how-different-types-of/01/802451#M31725
</link>
<description>
<P>There is <B>very much </B>a difference in how different types of income and deductions are treated in a tax return. You shouldn't combine any two different things. The entity's tax preparers have already done all the combining for you and what's left over are the values you see on the K-1.<BR /></P>
</description>
<pubDate>Sat, 08 Jun 2019 00:23:30 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/there-is-very-much-a-difference-in-how-different-types-of/01/802451#M31725
</guid>
<dc:creator>TerryA</dc:creator>
<dc:date>2019-06-08T00:23:30Z</dc:date>
</item>
</channel>
</rss>