Investors & landlords
It is not clear if your K-1 is from a partnership. Assuming it is from a partnership below is some guidance.
- "Box 20—Codes Z through AD that were previously used to report section 199A information has been changed. Only code Z will be used to report section 199A information.
- Partnerships should use Statement A—QBI Pass-Through Entity Reporting, or a substantially similar statement, to report information for each partner’s distributive share from each trade or business, including QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends by attaching the completed statement(s) to each partner’s Schedule K-1. The partnership should also use Statement A to report each partner’s distributive share of QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends reported to the partnership by another entity.
Please see the screenshots below. You will be asked a series of questions that you can answer based on the Schedule K-1 you received. You may need to follow up with the Tax Preparer for a partnership return if you do not have a Statement showing the section 199 information.
Below is additional guidance from the IRS regarding
Schedule K-1 (Form 1065)
