DianeC958
Expert Alumni

Business & farm

The section in TurboTax is Business Items, Schedule K-1,Q.  As you go through the information for the K-1 you received the form 8995 is created from information in box 17, Code V, if the K-1 is from an 1120-S, or box 20, Code Z.  

 

You should have a statement attached to you K-1 with information showing the amount of Ordinary/ Business Income, Rental Income, Royalty Income, Section 1231 gain/loss, Other Income, Section 179 deduction, Charitable Contributions, Other Deductions, W-2 Wages, UBIA of qualified property and Section 199A dividends.

 

You may not have an entry in all of these boxes.  The boxes that do not have entries leave the blank.

 

To claim the Qualified Business Deduction you need to have some income that qualifies.

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