In my K-1 have both box 1 and box 2 checked. As I understand it is real estate eFund which has both a Real Estate Development (box 1) and Rental (box 2) lines of business, hence the multiple incomes. I understand I will need to fill out two K-1 one for each.
Line 20 code V, Z, AA, AB are listed with "STMT". When I checked the supplementary statement. I find that Code V lists out everything in percentage, such as:
"UBTI included on Line 1 -Qualified ORG* 100%",
"UBTI Included on Line 2 - Qualified ORG* 17.06%"
....
and so on for each of the line/boxes (so line 1, 2, 5, ...) that has a dollar amount. In Turbotax the field for Line 20 code V simply has a dollar amount. My question is what should I enter here? How do I calculate from the percentages (if I choose one, which one?) given in my K-1 statements to a single dollar amount? And should I enter the same value for each of the two K-1?
Code V (unrelated business taxable income) is not applicable to individual tax returns. So you can ignore those entries and just enter the others--Z, AA, AB-- which have to do with the Section 199A credit.
So what about code AG for line 20 if I'm filing a single individual tax return for k1
Can I just ignore it