Statement A from K-1

[Rhondajoy-25]

turbo tax premier is asking me to use Statement A to fill out one of the screens. On Statement A for Other Income both columns have a number in them. In the first column, the number corresponds to Box 1 on the K-1; in the second column the number is the same as the Section 179 deduction. I"m thinking the number TT wants is the one in the first column, but I'm not sure. Does anyone know and can explain why there are 2 numbers in that row on the K-1? TT Business created the k-1

THANKS IN ADVANCE. THIS FORUM IS VERY HELPFUL!

[DaveF1006]

It depends on if you are reporting a K-1 from a partnership (1065) 0r S-Corp (1120S). if from a partnership, the 179 deduction amount is report in Box 12.  If a S-Corp, the 179 deduction amount is recorded in Box 11.

[Rhondajoy-25]

Hi; thanks for responding. I don't think I asked my question correctly. 

I am on the screen in turbotax premier that says "We need some information about your 199A income"

It instructs me to use Statement A to fill in the info.

I used the numbers from my Statement A in the section under "QBI or qualified PTP items subject to partner specific determinations" per the screen instructions BUT i don't know what to put in the box on the Turbo Tax screen for Other income (loss).  I'm hoping to illustrate my question below.

On the Turbo Tax screen in the section that asks for Ordinary business income (loss) - I put the number that is on the row that shows "Ordinary Business Income (loss)" It is in the first column of the Statement A

On the Turbo Tax screen in the section that asks for Rental income (loss) - I put the number in the row that shows "Rental income (loss)" It is in the second column of the Statement A 

THIS IS THE PART THAT I"M NOT CONFIDENT WHICH NUMBER TO PUT:

On the Turbo Tax screen in the line that asks for other income (loss) - I am not sure what number to put in the row of Statement A that says "Other income (loss)" because there is a number in BOTH columns of that row. The first columns number is the amount that is in Box 1 of the Schedule k-1. The second columns number is the same amount as the Section 179 deduction. 

I'm not sure why there are numbers in both columns. The Schedule k-1 along with the Statement A were produced in TurboTax Business. My husband and I are 50% partners in this LLC and his Statement A has the same occurrence. It seems it would be the number that is the same as the Ordinary Business Income, I just wish to be sure before e-filing our taxes 

Thank you so very much!

[MaryK4]

The other income/loss should be in Box 3 of your K-1.  There is a separate entry for the 179 deduction (see below).  I'm not exactly sure why your statement is as you described, but the information is from the actual K-1.

[Rhondajoy-25]

Thank you for responding. This K-1 is for an LLC - I am using TT Premier to do our taxes. I am pasting the QUESTION screen from Turbo Tax and a MOCK UP of the Statement A here in hopes of clarifying my question/concerning. I am using fictitious numbers in only the fields I am questioning for illustrative purposes.

The instructions on the TT Premier screen state I should be able to use my Statement A.  That is straight forward until the 4th line which asks for Other Income(loss);    The Statement A (which was produced by TT Business) shows 2 numbers :  1111 and 2222.

I'm thinking it wants 1111 OR to be left blank. But I don't know why there are 2 numbers for that line on the Statement A which is causing my confusion. 

FYI - My husband and I own the LLC 50% each. This is for (1) of the partners and then I will also fill out this screen for the other partner. Also - 

The box 3 on thr k-1 has no number in it and States "Only net rental income(loss)"

I appreciate any and all help - this is the last thing I need to fix before we can e-file. I'm just unsure what to put for that 4th box on the Turbo Tax screen.

Thanks!

@MaryK4 @DaveF1006 @ThomasM125 

[JamesG1]

UBIA refers to Unadjusted Basis Immediately after Acquisition. This figure is routinely used in the calculation for the Qualified Business Income Deduction.  The preparer of the K-1 should report this information on the Statement A.

In many cases, UBIA is the original purchase price of the assets of the entity.

I am unable to read the second image.

@Rhondajoy-25 

[Rhondajoy-25]

Thank you, James and sorry that the second image was illegible. I’m going to attempt to explain my question here.

I learned since posting this question that for the Statement A - the first column is for the LLC and the 2nd column corresponds to the partner’s (for their K-) portion.

  
Having learned this, I am using the number in the second column for 5th line of Statement A (Other income/loss) to fill in on the TT screen question for Other Income (loss).

I hope that’s understandable-if so, Does it make sense to use 2222 for that TT Premier screen’s question?

thank you!

[DaveF1006]

Yes, the use the second column $2222) because this is the amount to report your partner's share of UBIA for K1 purposes.