Pass-through deduction

Forum|Forum|6 years ago
May 1, 2020
1 reply
6 views

Hello,

I am a member of a LLC and a S-Corporation that I am actively involved with, I have received a K1 from both of the entities, when I enter the ordinary income from my K-1's into Turbotax, I am not able to tell if I get the 20% income pass through.

How do i know if I got the 20% income pass through entity for both the LLc and S-Corp entity in TurboTax Home and Business 2019? I don't know where to find it.

Thank you

TurboTax Home & Biz Windows

Best answer by Anonymous_

On your K-1 (1065), there should be an entry on Line 20 with a "Z" code.

On your K-1 (1120-S), there should be an entry on Line 17 with a "V" code.

If both of the foregoing are true, then you simply need to select the line (and code from the dropdown box); the program will prompt you to enter relevant information in subsequent screens.

Anonymous_Answer

Level 15

On your K-1 (1065), there should be an entry on Line 20 with a "Z" code.

On your K-1 (1120-S), there should be an entry on Line 17 with a "V" code.

If both of the foregoing are true, then you simply need to select the line (and code from the dropdown box); the program will prompt you to enter relevant information in subsequent screens.