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ss243
March 17, 2025
Question

Unadjusted basis of assets. Is this consider income on box 20 z

  • March 17, 2025
  • 1 reply
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    1 reply

    DawnC
    DawnC
    Employee
    March 17, 2025

    That amount is one component of your Qualified Business Income (QBI) deduction.  Your K-1 will have an attached Section 199A Statement with the amounts needed to calculate your QBI deduction.   The info for your QBI deduction is associated with Box 20, Code Z - Used for Partnerships (Form 1065).

     

    Once you enter your K-1 information into TurboTax, the QBI deduction will be automatically calculated for you.  See this TurboTax FAQ

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