How to input a K-1 with 199a info that a Partnership received
If you are a Partnership filing a 1065 and you receive a K-1 with 199A Qualified Business Income information, you need to enter this information into TurboTax to pass along to each partner in the business.
Select your version of TurboTax, then follow the steps provided.
- Under Federal select Income
- Locate K-1s received and select Add/Start
- On the screen Tell Us About Your Schedules K-1, select Partnerships or LLCs (Form 1065) and select Continue.
- Follow the prompts, provide any requested information and select Continue.
- On the screen Identify Boxes That Have a Value, check Box 20 and any additional boxes that are filled in on your form, and select Continue.
- Follow the prompts, provide any requested information and select Continue.
- On the screen Enter Box 20 Information, enter code ZZ-Other in the Select Code box and leave the Enter Amount box blank. Then select Continue.
- On the screen Section 179 Carryover, locate Section A Qualified Business Income Deduction - Statement A Information, and enter the details from your 199a. Select Continue.
- Select Federal Taxes
- Select Income
- Locate K-1s received and select Start/Edit
- On the screen Tell Us About Your Schedules K-1, select the checkbox for Partnerships or LLCs (Form 1065) and select Continue.
- Follow the prompts, provide any requested information and select Continue.
- On the screen Identify Boxes That Have a Value, check Box 20 and any additional boxes that are filled in on your form, and select Continue.
- Follow the prompts, provide any requested information and select Continue.
- On the screen Enter Box 20 Information, enter code ZZ-Other in the Select Code box and leave the Enter Amount box blank. Then select Continue.
- On the screen Section 179 Carryover, locate Section A Qualified Business Income Deduction - Statement A Information, and enter the details from your 199a. Select Continue.
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