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I am a unit holder for this L.P. and received a K-1 form. While entering this information in Turbotax, I received this question. However, I really do not understand what I should enter here. I have a Code Z on my K-1 form that shows a (loss) value. Any help is much appreciated.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
Adding some information: I also have a Code Z on my K-1 which has a (loss).
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
I'm here with the same question.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
I have the same question. There is no such field in my K-1 form.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
Information for calculating the Qualified Business Income (QBI) deduction should be included in a Statement A, attached to your K-1. It is also include in Box 20 of a K-1 for a partnership with code Z.
If you don't have Statement A, theQBI Passive Op Loss is the figure listed on line 1 or line 2 (if real estate) of your K-1 if:
- It is a negative number; and
- The material and active participation boxes arenot checked.
Otherwise, leave the answer field blank.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
Thank you for explanation.
I do not haveStatement A, but there is Box 20 with code Z. It is positive in one K-1 form, and negative in another K-1 form (from another MLP). Should I get these numbers from 20 code Z and use them asQBI Passive Op Loss in TT?
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
I don't have a code Z. I do have, on Line 1, "Separate PTP Ordinary Business Income," which is a positive number. I assume this means I have no QBI Passive Op Loss. According to your advice, I should therefore just skip answering the question in TurboTax. But the software won't let me do that. It insists on an answer. I propose to enter 0. Is that correct?
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
Since your income is positive and you don't have a code Z on your K-1 schedule, it would be unlikely that you have QBI operatingloss, so it would be appropriate to enter $0 for that entry in TurboTax.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
When putting in the QBI Passive Op Loss, Turbo Tax is wanting me to put the number on the 2019 line G Operating Loss. Do I need to go back to 2019 and find that number?
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
Yes, if you owned this investment in 2019 and it had a loss in 2019, it is important to enter that loss to make sure your QBI deduction calculates correctly.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
Just change the code Z to code AH. AH is a generic code and will clear up the TurboTax error and let you file.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
I guess I was trying to figure out why Turbo Tax didn’t already fill in the 2019 since I used Turbo Tax for the last ten years.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
Don't wear out your brain trying to figure out why TurboTax does something weird. It is because someone changed something in the program. Use whatever work around it takes and it will possibly be fixed for next year.
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
TurboTax 2021 asks me this question and I have no idea to find this info
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How do I find the 'QBI Passive Op Loss' from a K-1 form?
what is answer?
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