Business & farm

Line 20 of the K-1 for a partnership deals with income for the 199A (Qualified Business Income) deduction.  To enter this information, please follow these steps:

1. When entering the K-1, on the screen, Check Boxes that have an Amount, be sure to check Box 20. [Screenshot #1]
2. On the screen, Enter Box 20 Info, select Code Z and enter the dollar amount reported.
3. On the screen, We see you have Section 199A income, mark the appropriate radio button and click Continue.   [Screenshot #2]
4. On the next screen, We need some information about your 199A income, mark the appropriate boxes and enter the information in the fields that appear.  This information should appear in the STMT attached to your K-1.]   [Screenshot #3]
5. Enter any uncommon adjustments on the next screen and click Continue

Screenshot #1

Screenshot #2

Screenshot #3

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