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Get your taxes done using TurboTax
You would have to check with the issuer of the statement to be sure, but the gross income number would likely be the code Z entry for section 199A income. That is qualified business income that may give you a tax deduction. the code AJ would likely be the deduction for excess business profits. It may decrease the deduction of losses reported on the K-1 form. Put the amounts in the proper box 20 entry for Code Z and Code AJ.
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March 27, 2025
11:39 AM