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Level 3
posted Apr 12, 2024 5:49:07 PM

K-1 box 20 code z indicates statement, but after providing the additional information for QBI, turbotax indicates there is no QBI income. That is an error

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1 Best answer
Level 15
Apr 12, 2024 9:22:15 PM

after entering a 20Z amount further on there should be a page asking about section 199A income

answer the questions on the following pages. a loss generates no QBI deduction. 

there can also be QBI limitations due to your income and type of activity

the numbers should carry to form 8995 or 8995a where the QBI deduction, if any, is calculated. 

 

1 Replies
Level 15
Apr 12, 2024 9:22:15 PM

after entering a 20Z amount further on there should be a page asking about section 199A income

answer the questions on the following pages. a loss generates no QBI deduction. 

there can also be QBI limitations due to your income and type of activity

the numbers should carry to form 8995 or 8995a where the QBI deduction, if any, is calculated.