How to input a K-1 with 199a info that a Partnership received in TurboTax Business?
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.
TurboTax Online
Under Federal select Income
Locate Schedule K-1 received and select Add next to Schedule K-1 received from another entity.
On the screen Schedule K-1 received, select Partnerships or LLCs (Form 1065) and select Continue.
Follow the prompts, provide any requested information and select Continue.
On the screen Enter your Schedule K-1 details, enter code ZZ-Other in the Select a Code box and leave the Amount box blank. Then select Continue.
On the Qualified business income (QBI) statement information screen, answer Yes to the question, Did you receive Statement A - QBI pass-through entity reporting from the partnership or LLC?
On the screen Statement A Information, enter the details from your 199a. Select Continue.
TurboTax Desktop
Select Federal Taxes
Select Income
On the Your Total Business Income screen, find 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, choose 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.
