K-1 (Form 1065) Line 20 Code Z described as "Section 199A Publicly Traded Partnership (PTP) Income"

[skywire]

I have this in a PTP K-1:

Am I right that the 20Z value of -263 described as "Section 199A Publicly Traded Partnership (PTP) Income" is income from another business that happens to itself be a PTP?

Am I right that one must create another 'K-1' for that? Upon creating that 'K-1', how precisely does one enter that value to ensure that it gets reported correctly?

Thanks

[tagteam]

I will page Champ @Mike9241. Check back later.

[Mike9241 · Accepted solution]

is box 22 checked on the k-1? if yes then there are multiple PTPs for which you should have gotten a breakdown. otherwise not. 

regardless as you go through step-mode you'll come to questions about this entity having 199A (QBI) income 

for a ptp wages and UBIA are irrelevant since the QBI computation is based only on its income

i would suggest just enter on 20Z the -263

the actual QBI entries that Turbotax uses is after this

in forms mode (desktop only) it would thru using the quickzoom link for line20Z1 which is just below line 20 in the Turbotax worksheet

[skywire]

Thanks, Mike!