Are you hoping to enter information to generate a Qualified Business Income Deduction? What questions do you have?
With the Qualified Business Income Deduction, many self-employed taxpayers and small business owners can exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not.
Please clarify.
Follow these directions to report 199A income from a partnership K-1.
- At the screen Enter Box 20 info, you likely need to select code Z Section 199A information. I have seen comments that the Amount does not have to be entered but I enter the number if a value is not provided.
- Click Continue.
- At the screen We need some information about your 199A income, you will likely need to enter the following information:
- Ordinary business income (loss) from this business,
- W-2 wages for this business, and
- UBI of qualified property for this business.
Enter these values for the qualified business income deduction to be calculated.
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