My wife and I have an LLC, she has 90% ownership and I have 10%. The K-1 that TurboTax Business produced for my wife has a Statement A, but mine does not. Is that because of the percentage of ownership? Also should I just fill out the QBI information when entering her K-1 (check the box XXX LLC has UBIA of qualified property) and just skip it when entering my K-1 information since my K-1 did not come with a Statement A or do I need to put the same information under my K-1 and use the same numbers as what is on her Statement A (somehow I feel this will be duplicating the QBI)? Thank you for any help!
I have been very confused over the years by the reference to "Statement A".
The regular K-1 has its normal set of entries - - - but is 'Statement A' the summary of additional information that PTP's provide as what they term "K-1 Supplemental Information Schedule"? That is normally a set of things that start with a 20 code.
Or is 'Statement A' something other than that?? Possibly something that is generated by TurboTax itself, rather than being provided by a third party?
Statement A refers to the QBI Pass-through Entity Reporting. It lists the Ordinary business income (loss) and the UBIA of qualified property. The K-1s are generated automatically with TurboTax Business (Form 1065) and I just answered my own question as I missed that the Statement A was there for my K-1, I guess I just didn't print it out correctly. : - (
It sounds like the terminology of 'Statement A' is unique to TT-generated K-1's?
Publicly-traded Partnerships (PTPs) do not use that designation - they just include all sorts of info on the K-1's they provide. But none of them call anything a 'Statement A'.
That is my confusion, as I've been looking for their Statement A's, but they don't seem to exist under that name for a PTP. Or am I missing something entirely?
The QBI information is reported on Statement A (an IRS document) that is sent with Schedule K-1.
See screenshot below.
@PatriciaV Have never received that type of statement from a PTP, and have been investing in that space for over 15 years. They summarize their QBI info in a single entry called "20Z". No separate QBI statement, per se.
Is a mystery to me who issues 'Statement A'.