Statement A for your Schedule K-1 reports the information for you to determine your Qualified Business Income deduction (QBI). If the partnership reported amounts in box 20 with code Z, they are required to provide the information.
If your statement identifies amounts for line items like Ordinary business income (loss), Rental income (loss), Royalty income (loss), Section 179 deduction, UBIA of qualified property and more then this is effectively your Statement A. If you enter your Schedule K-1 into TurboTax with box 20 listed with code Z, TurboTax will prompt you to enter the specific line items from your statement to determine the potential QBI deduction.
To do this in TurboTax Online you can follow these steps:
- Sign in and open your return by selecting Pick up where you left off under a section.
- Search for K-1 and select the Jump to link at the top of the search results.
- This will take you to the Schedules K-1 or Q screen.
- Answer Yes and follow the prompts.
- Verify or answer the questions and Continue until you get to the W need some information about your 199A income screen.
- Check the box(es) that match the detail information you received with your K-1 and enter the associated amounts. List negative numbers as negatives in Turbo Tax.
- Continue through the rest of the questions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
