UBIA refers to Unadjusted Basis Immediately after Acquisition. This figure is routinely used in the calculation for the Qualified Business Income Deduction. In most cases, UBIA is the original purchase price of the asset.
Return to the K-1 entry. I assume that this is a partnership K-1. In TurboTax Online follow these steps:
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Wages & Income.
- Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
- At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
- Pass through several screens.
- At the screen We need some information about your 199A income, click UBIA of qualified property and enter the dollar amount. Click Continue.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
