Box 20 is empty on my business taxes. When doing my personal I get this screen asking me to make sure Box 20 is empty as I could be leaving money on the table.
The only box in my K1 that has an amount is box 1
Am I doing something wrong?
Thank you
Box 20 with a code of "Z" on a partnership K-1 schedule would be for your Qualified Business Income (QBI) deduction. It is a deduction that is typically 20% of your business income. It may be that your income doesn't qualify for QBI treatment, but most business income does. You should look at the paperwork attached to your K-1 schedule to see if there is a mention of QBI income, if so enter the code "Z" in box 20 and answer the questions there.
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