When you are entering your Section 199A Statement or STMT information associated with box 20 code z, you'll do so on the "We need some information about your 199A income or loss" screen. The last line on that screen "[Name of business] has UBIA of qualified property" is the one you check to "open up the box" to enter the "Unadjusted Basis of Assets" from your Section 199A Statement for box 20 code Z.

Here is a screenshot of that "We need some information about your 199A income or loss" screen:

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Haynesinc

How do I get back to this screen if I have already gotten to the end of my return and the review process? I tried going through answering the questions, but this one did not pop up.

JamesG1

UBIA refers to Unadjusted Basis Immediately after Acquisition. This figure is routinely used in the calculation for the Qualified Business Income Deduction. In most cases, UBIA is the original purchase price of the asset.

Return to the K-1 entry. I assume that this is a partnership K-1. In TurboTax Online follow these steps:

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Wages & Income.
Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
Pass through several screens.
At the screen We need some information about your 199A income, click UBIA of qualified property and enter the dollar amount. Click Continue.

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poco12

I have a K-1 and on line7 net rental estate income it has $8,124 on the atached qualified business incomepass-through statement A it shows rental income of $7,936 and UBIA of qualified property $2,717.. When compleeing the turbo tax work sheets where do I enter these figures?

DianeW777

When entering your K-1 (Form 1065), you will complete line 20, and it will ask for this information when code Z is used. This term is used in connection with the qualified business income deduction (QBID) and is used to determine your eligibility and amount of the deduction allowed.

Unadjusted Basis Immediately After Acquisition (UBIA) is referencing the total cost of all the assets of the business at the amount of cost at the time they were placed in service without regard to the depreciation expense.

Qualified Business Income

The qualified business income deduction (QBID) may be taken by eligible taxpayers, including individuals and some trusts and estates. The deduction is determined at the partner level. Partnerships are required to report information necessary for their partners to figure the deduction. Use code Z with an asterisk (Z*) on each partner’s Schedule K-1 and enter “STMT” in the entry space to indicate that the information is provided on an attached statement that separately identifies the partner’s distributive share of:
- Qualified items of income, gain, deduction, and loss;
- W-2 wages;
- Unadjusted basis immediately after acquisition (UBIA) of qualified property;
- Qualified PTP items; and
- Section 199A dividends, also known as REIT dividends.