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K-1 and section 199a income - where is it?

Happy tax season aka headaches galore.  We received a K-1 (late as always) from my wife's family's LLC.  Line 20 has Z* (statement), but I don't see any statement that references section 199A at all.  There is a statement A which references various items in three categories: "QBI or qualified PTP items subject to partner-specific determinations;" "W-2 wages;" and "UBIA of qualified property."  It seems there are already entry places for each of item thereunder.  Is one or perhaps all of these section 199A?  If yes, which? 

 

Thanks!

 

Ken

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5 Replies
PatriciaV
Employee Tax Expert

K-1 and section 199a income - where is it?

Yes, Statement A reports the information you need to enter for Section 199A (QBI). After you finish entering the K-1 information, continue past the carryover screens and look for "We see you have Section 199A income." Check the appropriate box and continue to the following screens where you can enter your business income/loss (watch for drop-downs) and other information provided by the partnership as Supplemental Information on Statement A. 

 

Be sure you answer the QBI questions and Continue through all screens until you arrive back at the Partnership K-1 Summary screen.

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K-1 and section 199a income - where is it?

Thanks Patricia.  I should have added to my original post: which amount do I put into the line 20 query for category Z, given multiple line items?  Is there some kind of calculation TT doesn’t do that we must calculate ourselves?

 

Thanks again!

 

Ken

DianeW777
Employee Tax Expert

K-1 and section 199a income - where is it?

TurboTax will calculate once the information is entered in the K1. Those are the QBI questions that must be completed with your Statement.  Watch the screens to enter any wages or unadjusted basis immediately after acquisition (UBIA) that is provided and TurboTax will calculate your qualified business income deduction (QBID). 

 

Follow the steps provided by @TurboTaxVal to complete your entry.  If you do not have a statement you must get the information from the preparer of the K1.

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K-1 and section 199a income - where is it?

Thanks, Diane.  Thanks for clarifying.  I did all that but when I went back out I had he TT page where line 20 entries should be, it still shows Z as blank.  Perhaps I need to check the form itself. 

cheers,

 

Ken

PatriciaV
Employee Tax Expert

K-1 and section 199a income - where is it?

You should be able to leave the amount for Box 20 Code Z blank. If not, enter the business income or W-2 wages from Statement A.

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