Form K-1, Box 20, Code Z (Section 199A)

Jessaie99
Jessaie99 Member Posts: 1 Newcomer
in Credits/Deductions

There are three dollar values I seem to need to enter somewhere (for, in my specific case, Rent - Residential Rental Building), but how and where? The first dollar value is Rental Income. The second is W-2 wages. The third is Unadjusted Basis of Assets.

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  • TaxMorgan
    TaxMorgan FreeTaxUSA Agent Posts: 126 image
    Hello Jessaie99,

    When you select Code Z on the Box 20 screen of your K-1 entry, you do not need to enter any dollar amount on that initial screen. The software will prompt you with a follow-up screen titled something like "Enter the amounts from your K-1 QBI statement." On that screen, enter your Rental Income in the "Qualified Business Income" field, your W-2 Wages in the "W-2 Wages Paid" field, and your Unadjusted Basis of Assets in the "UBIA of Qualified Property" field.

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