K1 line 20

Forum|Forum|6 years ago
March 3, 2020
1 reply
5 views

I have a letter Z on line 20 with STMT behind it and I have a Statement A and a Statement C do I have to enter both statements or just one?

Irene2805

Level 15

Use the statements to enter the details for line 20, Code Z. For example, the type of income [REIT, rental, ordinary business income] and deductions charitable, 179, etc].

You will have to enter this information as part of the k-1 entry, on the screen, We need some information about your 199A income or loss. When you mark one of the boxes on the screen, you will be asked to enter the amount for that category.

FastferdiAuthor

Level 2

What is this form 199A as on the bottom of the statements it says Form 1065 and it says on the top of Statement C QBI pass through entity reporting--Patrons of Specified Agricultural and Horticultural Cooperatives (Schedule K-1,Box20, Code Z).

When I talked to the person in charge of the LLC I was told that the amount that is found on this statement was lumped into the total amount on Statement A.

RobertG

Level 12

Go ahead and enter the amount from Box 20, Code Z.

Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and some trusts and estates, a 20% deduction of income from a qualified trade or business.

The 199A deduction is not separately reported, it is calculated by TurboTax based on your reported business income.

If you are reporting income from a Schedule C or F, TurboTax will add that income to the calculation. 199A income from partnerships is reported on the K-1.

Cooperatives do not qualify for the QBI deduction under section 199A(a) but may be eligible to take the section 199A(g) deduction. Section 199A(g) provides a deduction for Specified Agricultural or Horticultural Cooperatives (Specified Cooperatives) and their patrons similar to the deduction under former section 199, which was known as the domestic production activities deduction.

See IRS website 199A - Qualified Business Income Deduction FAQs for further information.

@Fastferdi

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