Personal tax K-1

[Isaac2000]

Thanks for help, what about the second part of my question: "when it ask for company profit and loss, should I put the total company income or just my portion."

[PatriciaV]

You have created a new post in Community. Please post your entire question, including what version of TurboTax you are using where you see the question about company profit and loss.

[Isaac2000]

Here it is:

I have the shares in a s-corporation and received k-1 with line 14 checked (schedule k-3). On schedule k-3 mention the income for "usa" in column "a"  and the rest of the columns left blank, when I am using turbo tax it does not give the option for usa, what should I do also when it ask for company profit and loss, should I put the total company income or just my portion.

[DaveF1006]

Schedule K-3 is to report foreign income and foreign taxes paid.  This is for the benefit for foreign beneficiaries to report on their own country's tax return.  The reason why you were sent a k-3  is because all beneficiaries must receive a k-3 whatever or not it needs to be reported.

Since you do not have foreign income or taxes to report, do not report your K-3 as you do not have a reporting requirement.

@Isaac2000 

[Isaac2000]

Thanks, the second part, what should I put when asking about 199a, should I put the total company income or just my shares portion (amount in box 1).

[DaveF1006]

To clarify, is the k-1 issued from a 1065 partnership, 1120S S-Corp, or 1041 Trust?

[Isaac2000]

1120S S-Corp

[DaveF1006]

Ok!! OBI information is reported in Box 17 with a code V.  This is reported when you place a check mark indicating you have information in Box 17 and then select V in the drop down. Leave the amount blank. If Box 17 is not checked on your physical copy of your K-1. you cannot report this in any other manner.

Assuming Box 17 is checked on your copy ofthe K-1, Turbo Tax will then determine what the QBI in a series of follow-up questions after you make the initial entry that I described above. All of the information that is recorded in Box 17 should be in a supplemental form that you receive with the K-1.  It usually is listed as Box 17 V information to be disclosed on your tax return.

If your K-1 does not have information in Box 17, don't try to claim the QBI from your Box 1 income as this is the incorrect method to report this and may cause errors in your return.