Business & farm

Hello @adym,

You are on the right track.  However, the information does need to be reported on your tax return because it will give you a tax benefit, namely a Qualified Business Income (QBI) deduction. The information shown on Statement A of the K-1 provides the information necessary to compute the deduction. Therefore, based on the image of the Statement A to your K-1 that you uploaded, it may be entered by following the steps below:

Step 1: Select Code Z and leave the Enter Amount  box blank.  (See attached image titled, Step1.png)

Step 2: Press Continue

Step 3: Check the applicable boxes (if any). Then, press Continue
Step 4: Generally, the first option would be selected. However, it is specific to your K-1. Based off of what you uploaded, it appears that the first option should be selected. (See attached image titled, Step 4.png)

Step 5: Press Continue

Step 6: Check the boxes that correspond with your Statement A of the K-1. Based off of the image you provided the business income (loss) and the UBIA of qualified property boxes should be selected. Then, enter the dollar amounts from Statement A into the corresponding boxes in TurboTax. (See the attached image titled, Step 6.png)

Step 7: Press Continue

Step 8: Generally, None of these apply would be the most appropriate option.
Step 9: Press Continue
Step 10: Generally, No would be the most appropriate option.
Step 11: Press Continue

Step 12: You now may see the Qualified Business Income (QBI) deduction that will benefit you on your tax return.

Please see the hyperlinked article at the beginning of this reply as well as those below, for more information. K-1s are unique tax documents and I would recommend that you contact TurboTax support if you need individualized assistance.

Here are some additional resources that you may find helpful:
What is the Qualified Business Income (QBI) deduction?

Do I qualify for the qualified business income deduction?

How do I claim the Qualified Business Income Deduction as a Schedule K-1 recipient?