It depends. You need to do a little bit of work at this point. There is some information you need to enter in Box 20 that is contained in the supplementary statement that came with the form. Look on those statements to see if there is a reference to Box 20 and data to enter. This Box determines if you are able or not able to claim QBI.
- Go to federal>wages and income>Business Investment and Estate/Trust income>Schedule K1
- Enter information on your form in accordance with the questions asked.
- After entering the information regarding your K-1. Enter information if any in Boxes 1,2, and 3. Check the box that indicates there are amounts in more than Boxes 1,2, &3.
- Check Box 20 and press continue.
- Now enter the numbers on the form, when you enter information in Box 20
- Pick code Z from the drop down. Leave the amount blank. If there is a 0, remove it. Turbo Tax will determine that amount from the questions that follow. press continue.
- Continue to answer the questions with the answers from the supplementary statements.Be sure to mention that your investment is at risk.
- And then continue through the questions. As I mentioned above, some of the information required to complete section 20 is mentioned in the supplemental statements that came with the K-1.
- If after doing this and if the Box still shows a 0 in the end, remove it so you can efile your return.
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