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Business & farm
This isn't an investment partnership. It's 2 guys with their tools who combined their contractor sole proprietorships this year.
They are a small company, so they do end up drawing out their profit as they earn it.
I did mark that the income was QBI eligible, and know that there needs to be something on the K1 in order for them to be able to take the QBI deduction. What I am unclear about is whether the 20% should already be calculated and showing with a dollar value on the k1 or if it's just the Z that needs to be in box 20.
The only fields that are showing with numbers on the k1 itself are the ordinary business income and self employment earnings, as well as the distributions. Then, in box 20 I've got an A, E, N and Z there, with only a number 1 next to the A
On the statement A that is attached, the ordinary business income is populated, other income is appropriately populated and there is a 0 in the W2 wages box (neither of them have other W2 jobs) and a 0 in the Section 199A dividends box.