Is this on Schedule E or on a K-1?
On a Schedule E, follow these steps.
- At the screen Review your rental summary, click Done with rental property.
- At the screen Any other situations, click Continue.
- At the screen Your profit and loss results so far, click Continue.
- At the screen Is this Qualified Business Income?, click Yes if it is qualified business income.
For a K-1 for a partnership, follow these steps.
- At the screen Enter Box 20 info, you likely need to select code Z Section 199A information. I have seen comments that the Amount does not have to be entered but I enter the Box 2 number if a value is not provided.
- Click Continue.
- At the screen We need some information about your 199A income, you will likely need the following information:
- Rental income (loss),
- W-2 wages for this business, and
- UBI of qualified property for this business.
- Enter these values for the qualified business income deduction to be calculated.
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