You can look at the supplemental schedules that came with your K-1 for information that you need to report in Box 20 Code Z. Box 20 code Z enables you to to claim a QBI deduction on your return if you qualify. Here is how to report.
- Go to federal>wages and income>Business Investment and Estate/Trust income>Schedule K1
- Enter information on your form in accordance with the questions asked.
- After entering the information regarding your K-1. Enter information if any in Boxes 1,2, and 3. Check the box that indicates there are amounts in more than Boxes 1,2, &3.
- Check Box 20 and press continue.
- Now start entering the amounts in each of the boxes, when you come to Box 20
- Pick code Z from the drop down, if there is no amount to enter next to it, leave blank. Turbo Tax will populate that amount once you finish with the questions
- Continue through the sections. Be sure to mention that your investment is at risk.
- And then continue through the questions. As I mentioned above, some of the information required to complete this section is mentioned in the supplemental statements that came with the K-1.
[Edited 03-17-2021|05:17 PM PST]
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