I just received my K-1 form for the year of 2020. I have code Z 1099A amount on line 20 of K-1.
When Turbotax asked me to enter the itemized amount for code Z, I have been confused. Turbotax has the different screen than last year. Did TT miss the 'Rental Income (Loss)' ? Please see the screenshot below.
I have two incomes listed on the Statement A- QBI Pass-through entity reporting.
1. Rental Income (Loss) = $982
2. Unadjusted Basis Immediately after Acquisition= $1,646
I would like to know that
1. Why does Turbotax not provide an option for Rental Income this year?
2. For my second income (unadjusted Basis Immediately after Acquisition), should I choose 'Has Other Deduction' option?
My Statement A- QBI Pass-through entity reporting:
TurboTax 2020 (no rental income option):
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@manbeing wrote:1. Why does Turbotax not provide an option for Rental Income this year?
2. For my second income (unadjusted Basis Immediately after Acquisition), should I choose 'Has Other Deduction' option?
1. Check the "Has business income (loss)" box and you will see a dropdown that includes rental income.
2. No, chose "Has UBIA of qualified property".
@manbeing wrote:1. Why does Turbotax not provide an option for Rental Income this year?
2. For my second income (unadjusted Basis Immediately after Acquisition), should I choose 'Has Other Deduction' option?
1. Check the "Has business income (loss)" box and you will see a dropdown that includes rental income.
2. No, chose "Has UBIA of qualified property".
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