Will, On the Form 1065 Schedule K-1 Box 20, Turbo Tax is requiring a number when selecting "Z". My form doesn't have a number, it has *STMT instead?

Forum|Forum|3 years ago
April 18, 2023
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TurboTax Online

ThomasM125

That means there is a statement attached to your K-1 schedule that will tell you what the qualifed business income (QBI) amount is that you need to enter for code Z in box 20 of your K-1 schedule entry in TurboTax.

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TahoeJeff

There should be a supporting statement showing the UBIA and W2 Wages, etc which are the Z code for QBI income. Those are the #’s you need. Frankly unless it’s a big set of #’s, the QBI deduction doesn’t add up to much at all. But good luck

JamesG1

Your partnership K-1 is reporting Section 199-A income on line 20 code Z and the software wants you to enter the information that will compute the qualified business income deduction.

To enter partnership income from a K-1, follow these directions.

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & Income.
Scroll down to S-corps, Partnerships and Trusts and click Show more to the right.
Click Start / Revisit to the right of Schedule K-1.
Click Start / Update to the right of Partnerships/LLC.
Click through the screens until you reach Enter Box 20 Info.
At the screen Enter Box 20 Info, select Z-Section 199A information. Leave Amount empty. This tells the software that Section 199A information will need to be entered for the income previously reported. Click Continue.
At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information.
At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1. In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property. Click Continue.