Section 199A Income in my K-1 comes from 13 separate businesses with different EINs. TurboTax only allows me to enter one business name and one EIN. How can I enter multiples? Do I need to send the IRS a letter?
The proposed regulation Section 1.199A-4 contains the information on aggregation rules between trades or businesses that can be grouped when applying the Section 199A rules. Take note: the aggregation rules are not related to the grouping rules under Section 469 regarding passive loss provision. The overall goal with the regulation is to execute a duty of consistency that once multiple trades or businesses are aggregated as one trade or business under Section 199A, then taxpayers can consistently report the one group.
Remember, this proposed regulation can be elected by a taxpayer and is not required. When the aggregation is elected, you must determine the Section 199A deduction for the business through the combined qualified business income, W-2 wages and unadjusted basis immediately after acquisition (UBIA) of qualified property.
TT has a QBI component worksheet.
my only suggestion if you can't aggregate them all under 1 k-1. then see if you can enter multiple k-1's using the aggregate name on the K-1 and it's id number. enter the on a separate k-1 only the QBI info for each aggregate group
Thank you for taking a swing at this question. I'm not sure how I would add divide one K-1 into 13. There's income on Line 1, 4, etc. I assume I cannot divide each item by 13. That would be odd. Am I crazy? Any other suggestions, other than to ignore it (which is basically what you first suggested)? 😁