Hello,
The other answers for this question were from 1-3 years ago. I would like to have a current answer please.
My spouse is Self employed, but files business taxes separately from our personal taxes, so this has no bearing on this particular tax situation. (correct)
We have a K1. Box 20, section Z for the 199a Information says "STMT)
what the information says. "under code Z it says to consult your tax advisor regarding the calculation of the qualified business income deduction. Including the possible aggregations and limitations that may apply and the filing of the 1.100a-4 c annual disclosure statement.
in review... it was saying if INCLUDING the Cap Gain amount, our income was over 440, we would not qualify for any deductions............ heck, the Cap Gain was over that doggone it! SO, would I put a 0 in the Z box?
UGH. I do not have an accountant.... I use turbo tax!!!!
Thank you in advance for your assistance!
Kay
