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athaureaux6
Level 7
November 26, 2021
Question

Qualified Business Income Deduction

  • November 26, 2021
  • 2 replies
  • 25 views

Hi online community, 

Is all Ordinary Business income from K-1 for a partnership 1065 qualified for the QBID. I read it is supposed to be included in Box 20, code z. How does proseries treat this transaction. I tried one example in the 2020 software and it is not calculating the deduction. Any thoughts about that. 

 

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2 replies

dkh
dkh
Level 15
November 26, 2021

Which side of the calculation are you working on -  the F1065 or F1040  ?

It worked fine for me for my F1065s.   F1065 K1 statement has a QuickZoom to Sec199A worksheet

If you import the K1 into F1040 you have to manually enter Box20 Code Z.    Look for the Code Z 199A  Quickzoom just below Box 20

    PATAX
    PATAX
    Level 12
    November 26, 2021

    Dkh is right, I had no problems with this and pro series did a good job on this... just take your time and make sure you enter everything...

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