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October 27, 2023
Question

Partner K-1

  • October 27, 2023
  • 1 reply
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My K-1 Box 20 Code Z has Wages from a Passthrough partnership. 

I entered it as a separate partnership under the Passthrough name and number.

Where do I enter the wages portion on my Form 1040? or other tax form?

1 reply

October 27, 2023

20z wages are used only for the computation of the QBI deduction figured on form 8995/8995A. they are not a tax deduction on your 1040.  after entering 20Z Turbotax should have asked about QBI info of which there are up to three items.

1) qbi income

2) qbi wages

3) qbi unadjusted basis if property immediately after acquisition or UBIA.