topic Schedule k-1 qualified business income deduction in Deductions & credits

Schedule k-1 qualified business income deduction

drc2004 — Sat, 28 Mar 2020 21:13:45 GMT

I have income from 2 schedule k-1's. In box 20 I have a letter code of "z" with "see attached". On the attached paperwork it gives an amount labeled "proportionate Int. of aggregate gross receipts". When I enter this in to the turbotax software it calculates a "qualified business income deduction" of 20%. This income is from real estate. I have never gotten this deduction and believe it to be something new this year. I just want to check and make sure it is right before I file. Help would be greatly appreciated.

Re: Schedule k-1 qualified business income deduction

MaryK4 — Sat, 28 Mar 2020 21:48:00 GMT

Yes, the qualified business income deduction actually started in 2018 but the reporting changed so more people are able to claim it with real estate income (and last year it was not clear who was able to claim it so many people just left it off)- you may want to contact your partnership and amend your 2018 return if you qualified and did not claim it last year.

Re: Schedule k-1 qualified business income deduction

drc2004 — Mon, 30 Mar 2020 01:02:36 GMT

Thank you so much for your time and response!