Will, On the Form 1065 Schedule K-1 Box 20, Turbo Tax is requiring a number when selecting "Z". My form doesn't have a number, it has *STMT instead?

[ThomasM125]

That means there is a statement attached to your K-1 schedule that will tell you what the qualifed business income (QBI) amount is that you need to enter for code Z in box 20 of your K-1 schedule entry in TurboTax.

[TahoeJeff]

There should be a supporting statement showing the UBIA and W2 Wages, etc which are the Z code for QBI income. Those are the #’s you need. Frankly unless it’s a big set of #’s, the QBI deduction doesn’t add up to much at all. But good luck

[JamesG1]

Your partnership K-1 is reporting Section 199-A income on line 20 code Z and the software wants you to enter the information that will compute the qualified business income deduction.

To enter partnership income from a K-1, follow these directions.

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & Income.
• Scroll down to S-corps, Partnerships and Trusts and click Show more to the right.
• Click Start / Revisit to the right of Schedule K-1.
• Click Start / Update to the right of Partnerships/LLC.
• Click through the screens until you reach Enter Box 20 Info.
• At the screen Enter Box 20 Info, select Z-Section 199A information.  Leave Amount empty.  This tells the software that Section 199A information will need to be entered for the income previously reported.  Click Continue.
• At the screen We see you have Section 199A income, select the appropriate income description.  Click How would I know this? for more information.
• At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1.  In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property.  Click Continue.

The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.

@chas459121