The best I can explain is that the combination of Code Z and entering $0 tells the software that qualified business income information needs to be entered at the screen We need some information about your 199A income.
At the screen We need some information about your 199A income, many taxpayers will enter the following information:
- Ordinary business income (loss) from this business,
- W-2 wages for this business, and
- UBIA of qualified property for this business.
These values may be found on an enclosed statement and not on the K-1 itself.
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. See also this TurboTax Help.
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