You'll need to sign in or create an account to connect with an expert.
You should have received a statement with figures to input into the program.
Contact the party responsible for filing the 1065 and issuing the K-1.
I have the statement with a dollar amount, but no dollar amount in the actual box. The statement is a list of deductible expenses with a total. When I google the following---
I find it says that the amounts reported in Box 20, Code Z is the information needed by a partner/taxpayer to claim the Qualified Business Income Deduction.
I don't understand how a total of bus expenses plays into the calculations of getting a QBID, because when I read more about it, the figure in Box 20, under Z, seems to be related to income and not expenses. If you or anyone could explain this to me, I'd appreciate it.
My additional question would be--do I use the entire total if it's a 50/50 partnership? Or use only 50% of the total since I'm a 50% partner?
Input the total on your statement on the line in the program (20Z). The program will walk you through the rest after you've finished entering the K-1.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jl_brooks
Level 1
backwebstores
New Member
tmmccallie
New Member
queenkiki22
New Member
odelld1
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.