Sometimes a K-1 reports Qualified Business Income (QBI) info not only for activities of that partnership, S corporations, or trusts, but also for QBI passed to that partnership from another partnership, S corporation, or trust.
If your K-1 reports Section 199A information for both the main entity and a pass-through entity, you must:
- Enter your K-1 as if it were two (or more) separate K-1s
- One K-1 will report only the box amounts for the main entity, and a separate K-1 is needed for each pass-through entity
- Contact the preparer of the K-1 if it's unclear how to split the amounts from the information you have
To enter this information into TurboTax, select from the options listed, and follow the instructions provided: