K-1

[aiso123]

I have one k-1 form for a publicly traded partnership that reported a net loss. It has several amounts in box 20 (section 199a PTP income, excess taxable income, gross receipts and current year federal bonus amount), all of which are positive except for section 199a PTP income. My question is related to the QBI that was calculated automatically in the deductions section. It is a positive number and it doesn’t seem to depend on the numbers that I entered in box 20 (I was playing around with them to see the impact). I would appreciate it if you could help me to figure out where this amount for QBI comes from. 

[Mike9241]

entering the QBI info in box 20 does nothing.

on the k-1 you'll see line 20Z which has a link to enter the 199A (QBI) info. click the link then teh k-1 to take you to section d1

199A information is entered in section D1

in part 1 of the k-1 make sure to check the PTP box. 

[aiso123]

I was asked to enter that information and pick the codes (Z, AE and AH in my case) where it says “Enter Box 20 Info”. After that I was asked to describe the partnership where I selected “All of my investments in this activity is at risk” and then I was taken to a page that says “We see you have section 199a income”. Here I selected “the income comes from the partnership that generated K-1” and was taken to the next page “We need some information about your 199a income” where I entered ordinary business loss of the PTP (I am not sure if it’s correct). There were other boxes (rental, royalty, other income, 4797 gain/loss, 1231 gain/loss, deductions, REIT dividends) which I didn’t feel out as they didn’t seem to match what I had in K-1 (199a PTP income, excess taxable income, gross receipts, federal bonus amount). My guess I need to enter that info here, I just don’t know which boxes they should go into. Any help would be appreciated. 

[ThomasM125]

The section 199A income would refer to the income reported in box 1 to box 3 on your partnership K-1 schedule. It is your qualified business income (QBI). It is normally the amount listed in box 1 to 3, but it can vary. There should be a schedule attached to your k-1 form that tells you what the section 199A amount is.