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Investors & landlords
@Mike9241 After doing what you recommended, you are spot on! Thanks Mike.
I'm not sure that I understand this, however. " Look at lines 20Z1. That COLUMN 7 AMOUNT/20AB should be added to the ordinary income (or netted if 20Z! is negative) for reporting the 199A (qualified business income from the PTP). You don’t have to enter this but then you lose out on a tax deduction = 20% of this amount."
I'm not sure what you're suggesting I should add and where I should add it. Also, the Column 7/20AB amount is the Ordinary Income so why would I add it back to itself? Help me out of my confusion, please! 🙂
March 10, 2023
10:14 AM