@jdh19
Go to the step-by-step process mode. Go to Personal / Personal Income / I'll choose / Schedule K-1.
At the screen Enter Box 20 info, select code Z Section 199A information. Code Z tells the software that qualified business income information needs to be entered at the screen We need some information about your 199A income. Select Code Z and enter $0. Click Continue.
At the screen We need some information about your 199A income, click on business income (loss) and enter the income (loss).
You may also input other information if it has been provided to you. Information such as:
- W-2 wages for this business, and
- UBI of qualified property for this business.
These values may be found on an enclosed statement and not on the K-1 itself.
Enter these values for the qualified business income deduction to be calculated.
The Qualified Business Income Deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025.
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