I have a simple scenario with an LLC partnership and just ordinary income (no real estate, oil, etc.) it's under the $157/315K threshold.
I'll generate Schedule K-1 with Code Z. I also have Section 179 deduction in Line 12. For TT step-by-step question "We need some info about your 199A income", I pick ordinary income. Should the amount I enter exclude section 179 deduction (so it would be same amount as my Line 1)?
I read this in another forum post (but unsure if allocate entire section 179 to QBI means that you do not deduct the 179 from QBI):
...if the Section 179 deduction was used on depreciable property that is used to produce qualified business income. More often than not, the answer to that question is yes. If the item in question is 100% business use, allocate the entire Section 179 to QBI.
My item is 100% business use and Section 179 is depreciable property.
PS: I read I need Code Z* and STMT... will TurboTax generate the statement?
