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Nny2037
New Member

Entering K1 information from page1 line 20 code Z

 
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2 Replies
Nny2037
New Member

Entering K1 information from page1 line 20 code Z

RENTAL INCOME (LOSS)

W-2 WAGES

UNADJUSTED BASIS OF ASSETS

 

AND 

 

RENTAL INCOME (LOSS)

OTHER DEDUCTIONS(LOSS)

AMORITZATION DEDUCTIONS

JamesG1
Employee Tax Expert

Entering K1 information from page1 line 20 code Z

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:
  1. Ordinary business income (loss) from this business,
  2. W-2 wages for this business, and
  3. UBI of qualified property for this business.

Enter these values for the qualified business income deduction to be calculated.

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