Entering K1 information from page1 line 20 code Z

Nny2037 — Mon, 01 Mar 2021 18:47:19 GMT

Re: Entering K1 information from page1 line 20 code Z

Nny2037 — Mon, 01 Mar 2021 18:54:34 GMT

RENTAL INCOME (LOSS)

W-2 WAGES

UNADJUSTED BASIS OF ASSETS

AND

RENTAL INCOME (LOSS)

OTHER DEDUCTIONS(LOSS)

AMORITZATION DEDUCTIONS

Re: Entering K1 information from page1 line 20 code Z

JamesG1 — Thu, 04 Mar 2021 16:03:24 GMT

Are you hoping to enter information to generate a Qualified Business Income Deduction? What questions do you have?

With the Qualified Business Income Deduction, many self-employed taxpayers and small business owners can exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not.

Please clarify.

Follow these directions to report 199A income from a partnership K-1.

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 number if a value is not provided.
Click Continue.
At the screen We need some information about your 199A income, you will likely need to enter the following information:

Ordinary business income (loss) from this business,
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.

topic Entering K1 information from page1 line 20 code Z in Get your taxes done using TurboTax

Entering K1 information from page1 line 20 code Z

Re: Entering K1 information from page1 line 20 code Z

Re: Entering K1 information from page1 line 20 code Z