Hopefully, the preparer of your K-1 provided section 199A information that allows you to claim the Qualified Business Income Deduction. In many cases, (but not all) you report:
- Ordinary business income,
- W-2 wages for the business, and
- UBIA of qualified property for the business.
At the screen Enter Box 20 info,
- You select Code Z Section 199A information.
- Click Continue.
- At the screen We need some information about your 199A income, you would enter the information that the preparer of your K-1 provided.
- Enter these values for the qualified business income deduction to be calculated.
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