Investors & landlords
Entering the Section 199A information from the statement requires continuing on past the screen where you enter the code Z/code V/code I for your box 20/box 17/box 14. As Stephanie told Community user FortFun, you must Continue past the "box" screen where you enter the code. Don't substitute code AH, because the correct code Z/V/I is needed to correctly calculate your Qualified Business Income (QBI) deduction. No number you enter on that box 20/box 17/box 14 page actually goes into the tax calculation, and in some cases it is better to leave the number box blank on those screens. Only what you enter on the later screens will go into your QBI calculation.
Also, note that the actual Statement that comes with your K-1 may not be labelled "Statement A". The "Statement" or "STMT" will be a separate "table", either at the bottom of your K-1 or on a separate page sent with your K-1 that probably has the "box 20/box 17/box 14" and "Section 199A and/or QBI". That Statement or STMT will have one or more numbers with a description, and to enter them all correctly, you must Continue on to get all the places to enter that number or those numbers.
Here are the screens you are looking for:
Note that I use the box 20/box 17/box 14 and code Z/code V/code I in these explanations, because these screens are needed regardless of the type of K-1 for which you are entering the Statement A - QBI Pass-through Entity Reporting:
- For a partnership Form 1065 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 20 with a code Z.
- For an S-corp Form 1120S Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 17 with a code V.
- Form a trust Form 1041 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 14 with a code of I (as in India).
