@Dpags619
In the K-1 interview questions, at the screen Enter Box 20 info, 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, click on business income (loss) and enter the business income. If you have been given this information, you should enter the following information:
- 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. IRS Instructions for Schedule K-1 (1065) page 18 states:
The partnership will provide the information you need to figure your deduction.
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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