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April 1, 2023
Question

How do I enter Section 199A amounts from partnership K-1 (form 1065), Line 20, Code Z, to complete Form 8995 & get Qualified Business Income deduction amount calculated?

  • April 1, 2023
  • 1 reply
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How can I get turbotax to calculate the QBI deduction using input from Schedule K-1 Box 20, Code Z amounts? 


























1 reply

PatriciaV
Employee
April 2, 2023

Yes, TurboTax will ask you about Section 199A and QBI after you finish entering the information from Schedule K-1 under Wages & Income >> Business Items >> Schedules K-1.

 

Be sure you check Box 20 and follow the prompts until you see "Enter Box 20 Info." Choose Code Z from the drop-down. You can enter the income/loss amount here or Continue through the carryovers section to the next page "We see you have Section 199A income." Check the appropriate box and continue to the following screens where you can enter your business income/loss (watch for drop-downs) and other information provided by the partnership as Supplemental Information (this may include UBIA). 

 

Be sure you answer the QBI questions and Continue through all screens until you arrive back at the Partnership K-1 Summary screen.

 

See also: How do I claim the Qualified Business Income Deduction as a Schedule K-1 Recipient?

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