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posted Mar 30, 2020 9:33:13 AM

K-1 box 20 refers to STMT for QBI Pass through Reporting, which has multiple entities & multiple entries per entity. How do I calculate or enter net value into TT?

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1 Best answer
Expert Alumni
Mar 30, 2020 10:18:58 AM

Partnership K-1 box 20 needs to be completed for the software to invoke 199A qualified business income deduction calculation.

  • 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.
  • At the screen We need some information about your 199A income, you will likely need the following information:
  • Ordinary business income (loss) from this business,
  • 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.

1 Replies
Expert Alumni
Mar 30, 2020 10:18:58 AM

Partnership K-1 box 20 needs to be completed for the software to invoke 199A qualified business income deduction calculation.

  • 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.
  • At the screen We need some information about your 199A income, you will likely need the following information:
  • Ordinary business income (loss) from this business,
  • 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.