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Qualified Business Income Deduction
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athaureaux6
Level 8
11-26-2021
07:27 AM
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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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dkh
Level 15
11-26-2021
08:27 AM
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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
Level 15
11-26-2021
08:48 AM
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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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