I am confused. There is an entry Z and says statement. I do not find any numbers to support the Z. There is also AJ but on the additional statement there are 2 entries. one is gross income and one is deductions. Do not know what to do with those numbers.
thanks
You would have to check with the issuer of the statement to be sure, but the gross income number would likely be the code Z entry for section 199A income. That is qualified business income that may give you a tax deduction. the code AJ would likely be the deduction for excess business profits. It may decrease the deduction of losses reported on the K-1 form. Put the amounts in the proper box 20 entry for Code Z and Code AJ.
There are two entries for AJ one is gross income and the other is total deductions. I use both or one or none? Z I don't see any 199A amount anywhere.
The issuer of the K-1 will need you to provide you with the 199A information. There's usually a separate, full page statement with the details needed.
I have the same issue, but I have the statement for code Z, I just don't know what to do with the AJ. This is a new code for this year and it has 2 values same as the OP. For me the income and deductions have a difference which is reported as the rental income in Box 2, but I don't know what to put in box 20 next to the AJ code.