How do I enter Qualified Business Income (QBI) for partnerships?
If you have qualified business income, you may qualify for the QBI Deduction. Your QBI deduction information should be reported on a statement included with your partnership K-1. Box 20 will have code Z to indicate a statement with QBI information should be present.
The statement should have all of the information you need to answer the questions about your QBI. If your K-1 doesn't have an attached statement about QBI and you feel it should or if your statement doesn't have all of the necessary information, you should reach out to whomever prepared your Schedule K-1.
The statement should have all of the information you need to answer the questions about your QBI. If your K-1 doesn't have an attached statement about QBI and you feel it should or if your statement doesn't have all of the necessary information, you should reach out to whomever prepared your Schedule K-1.
