☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Mar 9, 2023 6:08:20 PM

Statement A

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!

 
0 Cheers
 
 

0 2 429
2 Replies
Expert Alumni
Mar 10, 2023 7:36:42 AM

On the top  of each column of Statement A you will see the form/schedule and line number on that form that the entries for that column belong to. For instance, the first column may say Form 1120S, line 21, so the entries in that column would refer to the income reported on the first page of form 1120-S. Since you mention section 179 in the second column, I assume the title for that column is associated with Form 4562, depreciation.

 

So, it would depend on what  you are being asked to enter whether you use the number in column 1 or 2.

 

Level 3
Mar 10, 2023 10:15:12 AM

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!