What figure to enter from K-1 line 20 code Z stmt? (2024)

‎February 6, 202010:13 AM

Enter the figures from your statement (Statement A) in Forms Mode directly on the K-1 you received.

During review of my return, TurboTax is showing following error message regarding my K1 section. I have none of those listed expenses, other than normal business expenses (like travel etc.) for my LLC. Is there a new release coming? And if so when? your help is appreciated.

Are you saying you have four lines of 199A in line 20 with code Z?

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I'm saying that what is entered in box 20, code z, is:

* STMT

when I turn the next page of the K-1, it has section 199A information, box 20, code z, then under description, it lists ordinary income, self-employment earnings (loss), W-2 wages and unadjusted basis of assets.

Then it explains that these amounts are to be used in the calculation of QBI deduction, and to consult your tax advisor. Turbo Tax can't help me with this?

Each K-1 usually comes with a disclosure statement so it is telling you that need to refer to the statement to look forthe amount to report in Box 20. These statements are detailed and these amounts are easy to miss.

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Same on my K-1, Line 20 Code Z.

Supporting schedule says Statement A - QBI Pass-through Entity Reporting.

Has lines for Ordinary Income, Rental Income, Royalty Income, etc. It does not have Code Z amounts. Only filled in amounts are for Rental Income and UBIA of qualified property.

It is not printing Schedule K-1 - 199A Supplement (Line 20) like last year.

This needs to get fixed.

Note that it isvery important to Continue through the K-1 interviewafter you have entered your box 20 code Z. Enter the code Z when you enter the K-1, but you don't need to enter an amount. Continue on, and there is a screen near the end of the interview titled"We need some more information about your 199A income or loss". This screenmust be completed in order for your box 20 code Zinformation to be correctly input into TurboTax.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, clickthe "magnifying glassSearch" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

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If the Statement C that you received with your K-1 has amounts related toqualified cooperative payments reported on Form 1099-PATR, there is a TurboTax screen to enter those.

Enter your Statement C the same way as a Statement A, by entering the code Z on the screen for box 20 (no amount needed here). Then Continue until you get to the screen "We need some more information about your 199A income or loss" screen. After you've entered any amounts that "fit" on that screen,Continue to the next screen to check the box for qualified cooperative paymentson the "Let's check for some uncommon adjustments" screen.

Here is a screenshot of that"Let's check for some uncommon adjustments" screen:

@joanie1965

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