K1 box 20 has three codes, A, V, and Z. 199A has 11 business names (diff EINs). How do I enter it all?
Also, box 20 has a fourth entry that has no code, just STMT. It's TPG AG, in case anyone is familiar.
You need to enter amounts for each code in box 20. For the code Z, for qualified business income (QBI), you will combine the section 199A income on the various businesses and make one entry in TurboTax. Code A is for investment income, so hopefully there is an amount for that on your schedules. Code V is for unrelate business taxable income, and there should be an amount for that in your statements as well. So, enter the codes in box 20 and one amount for each code.
Many thanks! And so quickly. So, to continue then, does the income come from the partnership that generated the K-1, or from another business (11 of them)?
Also… before your answer, I input the first of those 11 businesses, which generated a Form 8995. Now I deleted that form, but TT still wants to know about it in "We need to know about your 199A income." How can I get rid of that?
Go back the Schedule K-1 entry for that business and uncheck Box 20. If you're deleting forms, be sure to delete the "QBI Component" for that business.
And yes, since you are combining the Section 199A information, check the box for "partnership that generated the K-1."
PatriciaV (and ThomasM125)
Thank you!
Combining the Section 199A info really helped.
I deleted the QBI for the biz I accidentally entered and deleted. But TT still wants Code Z Section 199A info.
That’s the only error at the moment, and I’m pretty much finished.
How should I deal with missing 199A info?
If you are certain the related forms have been deleted, you can simply enter a zero for QBI: Ordinary Business Income. That entry should resolve the Smart Check message.