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March 27, 2021
Question

Where do I find the Section 199A income on Statement A of a Schedule K-1? I have code Z in Box 20, and I don't know what to enter there.

  • March 27, 2021
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March 27, 2021

You should have an attachment to the Schedule K-1 that has the information regarding the QBI- if you do not ask the issuer of the K-1.

 

Box 20—Codes Z through AD that were previously used to report section 199A information have been changed. Only code Z will be used to report section 199A information.

 

Partnerships should use Statement A—QBI Pass-Through Entity Reporting, or a substantially similar statement, to report information for each partner’s distributive share from each trade or business, including QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends by attaching the completed statement(s) to each partner’s Schedule K-1. The partnership should also use Statement A to report each partner’s distributive share of QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends reported to the partnership by another entity.