When you enter your K-1 schedule (Business Investment and Estate/Trust Income section), you will put a check mark in the box 20 option. When you get to the box 20 entries, you will choose Code Z - Section 199A information and enter the the business income as a negative number. Indicate that the income comes from the partnership that generated this K-1, unless you know otherwise. When requested to enter additional information about the 199A form, choose the Partnership has UBIA of qualified property option and enter the UBIA amount.
I m confused : do i need to enter negative ordinary business income on Box 20 after choosing code Z or just leave it blank?
I also have passive loss from previous years which is automatically filled up in the turbo tax, do I need to do something about it?
Thanks!
I am having trouble with an error on my K1. Sch K-1: box 20 Code Z has been selected but no Section 199A income has been entered on Statement A. I have an income entered but it done not seem to be recognizing the amount. How do I get this fixed?
Code Z is for entering your qualified business income (QBI). It is normally equal to the amount entered on line 1 or 2 of your schedule k-1. Also, if line 1 or 2 is a negative number, you need to make sure you enter the QBI number as a negative. Maybe you are entering the wrong amount.
I have similar issue, the check flagged missing information for the Z notation in the box20.
The step buy step guide does not have rental income as an option when asking about 199A income.
it has all the other forms but "rental income" is not there.
I was able to find it in the forms K1 in section D1 "Qualified Business Income Deduction - Statement A Informtion"
When I put the information there it was accepted and the rest of the form was filled out correctly.