Your partnership income may qualify for the Qualified Business Income Deduction. 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 this TurboTax Help. Follow these directions to report 199A income from your partnership K-1.
Assuming the K-1 reports box 1 income, at the screen Enter Box 20 info, you likely need to 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 or the value from box 1. Click Continue.
At the screen We need some information about your 199A income, you may only have the box 1 income but others will have the following information:
- Ordinary business income (loss) from this business,
- W-2 wages for this business, and
- UBI of qualified property for this business.
At the screen We need some information about your 199-A income, enter the values that you have even if is is only the box 1 information. You hope to reach the screen Great news! You get a tax break.
What box or section of the K-1 reports sales information reported on the 1099-B? Please clarify.
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