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April 5, 2020
Question

Turbo Tax asks for information 199A, business income but i have inventory rental income and real estate rental income. Where do I input these numbers?

  • April 5, 2020
  • 1 reply
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1 reply

April 5, 2020

Is this on Schedule E or on a K-1?

 

On a Schedule E, follow these steps.

  • At the screen Review your rental summary, click Done with rental property.
  • At the screen Any other situations, click Continue.
  • At the screen Your profit and loss results so far, click Continue.
  • At the screen Is this Qualified Business Income?, click Yes if it is qualified business income.

For a K-1 for a partnership, follow these steps.

  • At the screen Enter Box 20 info, you likely need to select code Z Section 199A information.  I have seen comments that the Amount does not have to be entered but I enter the Box 2 number if a value is not provided.
  • Click Continue.
  • At the screen We need some information about your 199A income, you will likely need the following information:
  • Rental income (loss),
  • W-2 wages for this business, and
  • UBI of qualified property for this business.
  • Enter these values for the qualified business income deduction to be calculated.
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