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Lrob1
Level 2
March 1, 2021
Question

Entering K1 information from page1 line 20 code Z

  • March 1, 2021
  • 2 replies
  • 15 views
No text available

    2 replies

    Lrob1Author
    Level 2
    March 1, 2021

    RENTAL INCOME (LOSS)

    W-2 WAGES

    UNADJUSTED BASIS OF ASSETS

     

    AND 

     

    RENTAL INCOME (LOSS)

    OTHER DEDUCTIONS(LOSS)

    AMORITZATION DEDUCTIONS

    JamesG1
    Level 15
    March 4, 2021

    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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