Filling out a K-1, Section 199A for a small oil company Limited Partnership

[rogmateos]

I received a Schedule K-1 from a small oil company of which I am a limited partner.  Under the Section 199A information it has 2 categories: Ordinary Income (Loss) and Unadjusted Basis of Assets.  I think I know where to put the ordinary income in TurboTax, but I am unsure what to do with the Unadjusted Basis of Assets.

[AliciaP1]

The Section 199A income information gets entered from marking the box 20 or 17 (depending on the type of K-1 you have) as you progress through the interview process for entering the K-1.  

You can get to the section to enter a Schedule K-1 in TurboTax Online by following these steps:

1. Sign in to your TurboTax
2. Open or continue  your return
   • Choose a section from the TurboTax menu and select Pick up where you left off
3. Using the search bar, type K-1 and select the Jump to link from the search results
   • Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
   • Select Revisit or Start next to Schedule K-1
4. Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
   • Note: You may be prompted to upgrade to Premier, if you're not already using it
5. This will take you to the Schedules K-1 or Q screen
6. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

To enter in TurboTax CD/Download:

1. Sign in to your TurboTax
2. Open or continue  your return
3. Using the search bar, type K-1 and select the Jump to link in the search results
4. This will take you to the Schedule K-1 and Schedule Q screen
   • Note: If the Jump to link doesn’t work, select Personal, then Personal Income
5. Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
6. Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
7. Answer Yes and follow the prompts
8. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

[rogmateos]

Thanks, that got me most of the way there. I have filled most of my K-1 form out, but I still have a question as to where to put the Unadjusted Basis of Assets.  I am not sure which category to put this under for a small oil company.

[JamesG1 · Accepted solution]

Unadjusted Basis of Assets (UBIA) may be found an a Statement A attached to your K-1 information.  The information may be used in the computation of the 199A Income deduction.

• At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1.  
• In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property.  
• Click Continue.

@rogmateos