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What is the process for entering multiple properties into Schedule E worksheets where the taxpayer receives an S Corp K-1 where the S Corp owns multiple properties? There doesn't seem to be a way to link the K-1 and Sched E info or parse things very well. Schedule E worksheets ask for all of the Form 8825 information entered in the 1120S, which seems off.
Terry53029
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On your clients 1120-S K1 on the 1040 you just enter the K1 as received from S-Corp. ProSeries will enter all info from K1. There may be a couple of lines on the K1 that you will have to manually enter, but ProSeries will indicate which ones they are.
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The reason you have the separate activity info is for the 1099A QBI deduction.
Otherwise rental income and expenses have already been included on Line 1 or 2 of the K-1.
The more I know the more I don’t know.
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Right. My question really is how you generate property specific information on the 1040. I would think if you reenter all of the property-specific details, then those will be redundant to the K-1 information. Is it maybe through the 199A detail on the K-1 entry? I'm working on a return done by a prior preparer which has property specific figures, but only the income and UBIA for each property, not all of the detailed expenses. I cannot figure out how to generate this. Thank you!
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My question really is how you generate property specific information on the 1040. I would think if you reenter all of the property-specific details, then those will be redundant to the K-1 information. Is it maybe through the 199A detail on the K-1 entry? I'm working on a return done by a prior preparer which has property specific figures, but only the income and UBIA for each property, not all of the detailed expenses. I cannot figure out how to generate this. Thank you!
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It has been a while since we have had a “short little man with a green eyeshade” question. That’s the imaginary IRS employee who would scrutinize such details. As my grandkids text, TMI. Too much information. Or as a First Lady jacket once noted, “I REALLY DON'T CARE, DO U?”.
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In case anyone else is wrestling with this, the solution is, after entering the full K-1 for the business, create additional K-1s under the S Corp name, using the S Corp TIN and going to Section D-1 on each subordinate K-1 to enter property specific information for 199A purposes. Also, do not enter the line 17 QBI info in the main K-1 as it will be redundant, enter the QBI info in the property-specific K-1s.
