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paconte11
New Member

Statement A QBI pass through entity Schedule K1 box 20 Code Z, There are 2 amounts for income which one do i use, do i enter separately or do i combine the amounts?

there are 2 different business names under the business that i am partnered with.
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PatriciaV
Expert Alumni

Statement A QBI pass through entity Schedule K1 box 20 Code Z, There are 2 amounts for income which one do i use, do i enter separately or do i combine the amounts?

If both businesses reported on Schedule K-1 have the same type of income (ordinary, rental, or other), then you can enter the total of each type of QBI income for Box 20 Code Z.

 

But if you have entered two K-1s, one for each business, you would enter the QBI income for Box 20 Code Z that relates to the income in Box 1, 2 or 3. See additional instructions below.

 

If your Schedule K-1 has amounts in both Box 1 and Box 2, you will need to add another K-1 to report Box 2 only.

 

Enter all the information from Part I and Part II of the K-1 on both copies. Include all information from Part III on the first copy - except for the amount in Box 2. The second copy should have only the amount in Box 2 from Part III.

 

If, however, you received additional information with Schedule K-1 that provides the breakdown of the amounts in the other boxes, use this info to split the other box amounts between the K-1s. Otherwise, follow the instructions above.

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