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Business & farm
When you enter your K-1 schedule, you need to check box 20 when prompted to indicate which boxes you have numbers in on your K-1 schedule. When you get to the box 20 entry in TurboTax, in the drop down menu you will choose the Z, AG and AH codes and enter the numbers listed on your K-1 statement for those codes.
If you have $0 on your K-1 statement for any of the codes, you shouldn't list them in TurboTax.
Code Z is the most important entry, as that is for your qualified business income (QBI) that you may get a deduction for. It is often the same amount as the income entered on line 1 to 3 of your K-1 schedule, but it doesn't have to be.
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May 5, 2021
3:36 PM