Get your taxes done using TurboTax
It depends. Assuming you are working on your k-1, 1065 return, be sure you check Box 20 as one of the boxes that you have information to report. As you start working on your k-1 and enter all the information in the boxes you checked, when you get to Box 20, you will enter a code Z in the drop down box that appears. Do not put in an amount. Press continue when you are done.
- Then describe the partnership and check if any of the conditions described pertain to your partnership. press continue.
- Then select the choice that best describes your Section 199A income. press continue
- Then the next screen will allow you to place a check mark where it mentions you have UBIA of qualified property as well as any other entry that pertains to you. After you place a checkmark, you will be able to enter your unadjusted basis. Here is a screenshot illustrating how this entry will appear in your program.
