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Can I enter K-1 data from an MLP in the K-1 Box 20 with multiple Code Z's, 20Z1, 20Z2, 20Z3, 20Z4?

The supplemental statement from Enterprise Products Partners MLP Box 20 lists, among other things, the following for codes/descriptions/amounts:

20Z1 "Gross receipts for UBTI"  2191

20Z2 "Gross deductions for UBTI"  3021

20Z3 "Bonus depreciation adjustment for most nonconforming states"  395

20Z4 "Nontaxable adjustment to capital amount"  0

What/where is the correct way to enter this info in TT Premier?

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Accepted Solutions

Can I enter K-1 data from an MLP in the K-1 Box 20 with multiple Code Z's, 20Z1, 20Z2, 20Z3, 20Z4?

If you enter code Z in the interview, you'll be taken to a supplemental screen where you can type in each description and amount.  However, this isn't necessary for filing -- the 20Z information is additional data that affects some, but not all, filers.  TT doesn't do anything with it except provide you a place to type it in.

You'll want to determine if you need any of that data for your own filing purposes (e.g., bonus depreciation is needed for the state returns of anyone living in nonconforming states), and then you'd determine how to use it.

**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!

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2 Replies

Can I enter K-1 data from an MLP in the K-1 Box 20 with multiple Code Z's, 20Z1, 20Z2, 20Z3, 20Z4?

If you enter code Z in the interview, you'll be taken to a supplemental screen where you can type in each description and amount.  However, this isn't necessary for filing -- the 20Z information is additional data that affects some, but not all, filers.  TT doesn't do anything with it except provide you a place to type it in.

You'll want to determine if you need any of that data for your own filing purposes (e.g., bonus depreciation is needed for the state returns of anyone living in nonconforming states), and then you'd determine how to use it.

**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!

Can I enter K-1 data from an MLP in the K-1 Box 20 with multiple Code Z's, 20Z1, 20Z2, 20Z3, 20Z4?

Thank you.
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