Section 199A Income Percentage

[tax20181]

Hi, 

I should only enter my % of the company share or income when entering # on the ordinary business income, W-2 wages, UBIA of qualified property of 199A Income from the Schedule K-1 and Statement A received from my CPA?  For example,  if I own 70% of my company and my partner has the remaining 30% ownership, I should only enter in $70,000 ordinary business income Section 199A income on my personal tax return not $100,000? [ assuming S-Corp ordinary business income for the year is $100,000.]

I'm on the page titled, "We need some information about your 199A income, you told us you have 199A income or loss. ......Schedule K-1 with Statement A....; somehow, turbotax generated $100,000 in the ordinary business income instead of $70,000 which is my share of the company.

Thanks

[Mike9241]

your K-1 should already reflect your proportionate share of income, w-2 wages and UBIA for 199A purposes in box 17 coded Z or schedule A.

generally, the199A income amount should match PART III line 1 or 2 of the k-1.  are you sure you didn't enter $100,000 as the income on line 1 of the k-1?

we can't see the k-1. 

[tax20181]

I have the V code on line 17 of my K-1.  TurboTax generated 100K when I was on the 199A income page for the first time.  I find it strange and thought it was not correct as my K-1 has $70,000 in Part iii box 1 for ordinary business income.  

[Mike9241]

I'm still a little confused by your reply.  normally 17V should be the same as line 1.  however, there could be an exception if you have other ordinary income reported on line 10H.   certain other ordinary income can be includable in 199A income.

if there's nothing on line 10 and line 1 and 17V income are not in agreement contact your accountant. the k-1 is likely wrong and an amended k-1s need to be filed. 

Turbotax does not automatically populate the 199A info. entries on 17V are ignored.  they must be reentered when you get to the 199A section of the k-1 in Turbotax.