For IRS Schedule K-1 (1041), at the screen Enter Box 14 info, select code I - Section 199A information. A value does not have to be entered.
Then click Continue.
At the screen We need some information about your 199A income, click the box to the left of the item to be entered. An entry box will open. You may be entering:
- Ordinary business income (loss) from this business,
The preparer of the K-1 and the attachments will tell you what information should be entered. Enter the value(s) for the qualified business income deduction to be calculated.
For IRS Schedule K-1 (1065), at the screen Enter Box 20 info, select code Z Section 199A information. A value does not have to be entered.
Then click Continue.
At the screen We need some information about your 199A income, click the box to the left of the item to be entered. An entry box will open. You may be entering:
- Ordinary business income (loss) from this business,
- W-2 wages for this business, and
- UBIA of qualified property for this business.
The preparer of the K-1 and the attachments will tell you what information should be entered. Enter the value(s) for the qualified business income deduction to be calculated.
@richcad
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