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Business & farm
As Mike9241 said, line 20 code Z is used to report your QBI income. If your K-1 does not have an amount shown in the box, you can enter the Ordinary Business Income (Loss) amount from Section D1 of your K-1. You will then enter the details from Section D1 later in the interview process in TurboTax.
To correct your K-1 line 20 error and your QBI income information in TurboTax Desktop Premier you can follow these steps:
- Within your tax return click on the Federal Taxes tab and Wages & Income then I'll choose what I work on
- Scroll down to Schedules K-1, Q and click Update
- Answer Yes and click Update for Partnerships/LLCs (Form 1065)
- Click Edit for the K-1 you need to correct
- Verify your answers and Continue through the questions until you get to the Enter Box 20 Info screen
- For the code Z line enter the amount in box 20 code Z from your K-1 or the Ordinary business income (loss) amount from Section D1 of your K-1
- Verify your answers and Continue until the We need some information about your 199A income
- Enter the information as it shows in Section D1 of your Schedule K-1 completely
- Continue until you get to the Partnership/LLC Summary screen and click Done
- Proceed entering/reviewing your return.
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‎February 14, 2023
10:20 AM