@vivsteve
Recommend that you complete box 20 section 199-A information. Your partnership income may qualify for the Qualified Business Income Deduction. See this TurboTax Help.
Follow these directions to report 199A income from your partnership K-1.
At the screen Enter Box 20 info, you likely need to select code Z Section 199A information. Code Z tells the software that qualified business income information needs to be entered at the screen We need some information about your 199A income.
Select Code Z and enter $0. Click Continue.
At the screen We need some information about your 199A income, you will likely need the following information:
- Ordinary business income (loss) from this business,
- W-2 wages for this business, and
- UBI of qualified property for this business.
These values may be found on an enclosed statement and not on the K-1 itself.
Enter these values for the qualified business income deduction to be calculated. You hope reach the screen Great news! You get a tax break.
The Qualified Business Income Deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025.
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