Your partnership K-1 is reporting Section 199-A income on line 20 code Z and the software wants you to enter the information that will compute the qualified business income deduction.
To enter partnership income from a K-1, follow these directions.
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & Income.
- Scroll down to S-corps, Partnerships and Trusts and click Show more to the right.
- Click Start / Revisit to the right of Schedule K-1.
- Click Start / Update to the right of Partnerships/LLC.
- Click through the screens until you reach Enter Box 20 Info.
- At the screen Enter Box 20 Info, select Z-Section 199A information. Leave Amount empty. Click Continue. This tells the software that Section 199A information will need to be entered for the income previously reported.
- At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information.
- At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1. In many cases, you will also select and enter values for W-2 wages and UBIA of qualified property. Click Continue.
In some cases, you will find the information that is needed to complete the screen on a Statement A attached to your K-1 information.
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