can we have someone help me whit my K-1 tax form? pls

[tizonwet]

what it means code Z- section 199A information?

[Mike9241]

its for the QBI deduction. in box 20z just enter the QBI income or loss - no other info. later TurboTax will ask for all the 199A info that was provided to you which could consist of any or all of these items

1) QBI income/loss

2) w-2 wages

3) unadjusted basis of property

4) is this an SSTB

if ther is income you can get a federal tax deduction of up to 20% of the income. the Form is 8995. if there is a loss it carries forward

[MaryK4 · Accepted solution]

Code Z on your K-1 is for Qualified Business Income (QBI) information attached to your K-1.  The Section 199A deduction (also called the QBI deduction) allows many small business owners to deduct up to 20% of their business income from their taxes.

How to enter this in TurboTax

1. Enter your K-1 as you normally would. When you get to the Box 20 (or 17) screen, select Code Z.
2. Leave the amount blank in the box and click Continue.
3. TurboTax will eventually reach a screen that says: "We need some information about your 199A income."
4. Check the boxes that match the descriptions on your K-1's supplemental statement (usually "Ordinary Business Income").
5. A new screen will appear with boxes for Wages and UBIA. Type the numbers from your K-1 attachment here.