My husband & I are the only members of our LLC - S-Corp. 50/50 split. Our CPA prepared K-1's reflect this split. We have one statement 199A that shows the total loss of the S-Corp.
I thought I have always input the total 199A amount in for each of us, and it split it correctly on for 8995 showing one line for each of us, 50% of the total.
This year it still has the two lines, but shows the total loss on each line - not the 50/50 split.
Why is my STMT 199A loss showing double this year on form 8995?
I can split the amount on the input, but I thought the amount on 199A for us both had to be input exactly as the form shows.
Thank you!
Normally, each Schedule K-1 is accompanied by Statement A to show the allocated QBI for each member/partner. If you did not receive separate statements, you can use the Section 199A report to complete your QBI entries by applying the ownership percentages to allocate each line item to the respective owners. In other words, you are creating two Statements A from the summary 199A statement.