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New Member
posted Apr 13, 2020 1:00:00 PM

I'm entering K-1 deductions TT asks for the code and the amount. My form has two codes for box 17 (199A), but the amounts listed are Stmt. Do I leave these boxes blank?

0 3 445
3 Replies
Expert Alumni
Apr 13, 2020 2:42:02 PM

No, please look at your statement for the correct amounts to enter. The section 199A relates to QBI and you may need additional information so they listed it on the statement.

New Member
Apr 13, 2020 3:13:49 PM

Thank you so much.  They list three numbers for one code:

 

Ordinary Income (loss)

W-2 Wages

Unadjusted Basis

 

In our case the ordinary income is a negative number and the other two numbers are positive.  Do I add the three numbers together and enter them?

Expert Alumni
Apr 14, 2020 1:39:21 PM

No, you do not add them together.

 

For a K-1 for a partnership, follow these steps.

  • At the screen Enter Box 20 info, you likely need to select code Z Section 199A information.  I have seen comments that the Amount does not have to be entered but I enter the Box 1 number if a value is not provided.
  • Click Continue.
  • At the screen We need some information about your 199A income, you will likely need the following information:
  • Business income (loss),
  • W-2 wages for this business, and
  • UBI of qualified property for this business.
  • Enter these values for the qualified business income deduction to be calculated.