Section 199A Publicly Traded Partnership Income

[Christian]

A client has come in with a Schedule K-1 with ordinary business income in box 1 on which he must pay tax from a publicly traded partnership. On the attached supplemental income page the partnership advises this is subject to section 199A. Do we need to manually enter this info on Form 8995 ? " Your QBI includes qualified items of income, gain, deduction, and loss from your trades or businesses that are effectively connected with the conduct of a trade or business in the United States. This includes qualified items from partnerships (other than PTPs), S corporations, sole proprietorships, and certain estates and trusts that are allowed in calculating your taxable income for the year". This from the instructions on Form 8995 seems to exclude this and since I rarely see this I would appreciate any info.

[TexTaxToo]

Continue reading the instructions.  There are two parts to 199A income which are computed separately (for carryforward purposes):

• Qualified Business Income (which excludes PTPs)
• Qualified REIT dividends and Qualified PTP Income/Loss

[Christian]

Looks like I made two posts on this subject. Sorry it's been a long season.