topic I have a K-1 Box 16 Code B and Turbotax states I must file a separate K-1 for each type of Income. How will this be accomplished for same partnership? in Business & farm

I have a K-1 Box 16 Code B and Turbotax states I must file a separate K-1 for each type of Income. How will this be accomplished for same partnership?

jophillips — Sat, 01 Jun 2019 15:29:00 GMT

If you are asking about how to report a K-1 on your Form...

CherylW — Sat, 01 Jun 2019 15:29:02 GMT

If you are asking about how to report a K-1 on your Form 1040, then see this from Turbo Tax help:

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.

Answer not complete enough considering new IRS entry requ...

heyjude1937 — Sat, 01 Jun 2019 15:29:03 GMT

Answer not complete enough considering new IRS entry requirements.

Re: If you are asking about how to report a K-1 on your Form...

msamsonmom — Tue, 03 Mar 2020 21:59:43 GMT

K-1 all income on line 7 Net Rental real esate. Includes income from rental houses, Sch E. and Share farm rentals 4835. All ends on Sch. E. Do i have to separate this aggregation?

Re: If you are asking about how to report a K-1 on your Form...

KrisD15 — Wed, 04 Mar 2020 02:35:13 GMT

The thread you are on is from tax year 2018.

For tax year 2019, in addition to the K-1, if there is any Qualified Business Income, you will also receive a statement "Section Qualified Business Income Deduction - Statement A Information"

Please be sure to enter that statement as well as the K-1

Re: If you are asking about how to report a K-1 on your Form...

msamsonmom — Wed, 04 Mar 2020 15:35:13 GMT

My question for either year, possibly amending 2018, and also question for 2019. do I have to report two K-1 s for QBI to seperate Farm Rental 4835 from house rental Sch E. All that kind of income is totalled up on Sch. E All on K-1 line 7 as net rental real estate income? Aggregated on the K-1 I recieved, Yes have Sch A.

Re: If you are asking about how to report a K-1 on your Form...

DavidS127 — Mon, 09 Mar 2020 14:13:49 GMT

The issue may be related to payments on Form 1099-PATR on your Form 4835. See the additional information included below.

If you need to report the Form 4835 amounts on a separate K-1, you add a new K-1 with just the Form 4835 amounts, and report only the rental house amounts on the original K-1 you entered.

Note that the IRS instructions for QBI aggregation at this link has this section:

"Determining whether information reported on your Form 1099-PATR is includible in QBI.

The amounts reported to you as your share of patronage dividends and similar payments on Form 1099-PATR aren’t automatically includible in your QBI. Payments may be included in QBI to the extent they are (1) related to your trade or business, (2) reported to you by the cooperative as qualified items of income on an attachment to Form 1099-PATR, and (3) not payments reported as from an SSTB, unless your taxable income is below the threshold, in which case payments from SSTBs are includible in your QBI.

If you received Qualified Payments reported to you on Form 1099-PATR from a specified agricultural or horticultural cooperative, you’re required to reduce your QBI by the patron reduction. See Schedule D (Form 8995-A)—Special Rules for Patrons of Agricultural or Horticultural Cooperatives, below."

See the TurboTax Help article at this link for more information on Form 4835.