Unadjusted basis of assets. Is this consider income on box 20 z

ss243 · ‎March 17, 2025

DawnC · ‎March 17, 2025

That amount is one component of your Qualified Business Income (QBI) deduction. Your K-1 will have an attached Section 199A Statement with the amounts needed to calculate your QBI deduction. The info for your QBI deduction is associated with Box 20, Code Z - Used for Partnerships (Form 1065).

Once you enter your K-1 information into TurboTax, the QBI deduction will be automatically calculated for you. See this TurboTax FAQ

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