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Level 2
posted Mar 28, 2023 6:10:28 PM

Form K-1 199A entry

I received K-1 for my investment in a company. The provider has mentioned "STMT" in line 20 with code Z. This is how it looks on my K-1.

 

Details has following three rows

  1. Trade or Business Ordinary Income
  2. Farm Ordinary Income
  3. Farm Unadjusted Basis of Assets

 

I read in the turbotax community forum that in this situation, leave value for code Z blank and proceed. That's what I have done.

 

 

When I reach 199A information section on Turbotax, I have entered #1 and #2 in line Business Income (loss) and have entered #3 UBIA of qualified property.

 

Is this correct way to enter this information?

 

Thanks.

0 2 239
2 Replies
Expert Alumni
Mar 29, 2023 5:47:44 AM

Yes. You have entered your K-1 and the QBI part correctly.

Level 2
Mar 31, 2023 9:44:28 AM

Thank you.