Received a K1 with six entries for Box 20 Item Z. Turbo tax only has one entry box. What do I do now?

[wbradbur]

The K-1 I received has entries Z1 through Z6 for K-1 Box 20, each with different dollar amounts.  But TurboTax only provides one entry box for Item Z.  So how do I enter all 6 of these amounts?  

[ToddL · Accepted solution]

Don't enter anything in the "Enter Amount" box for Box 20, Code Z-Other Information (see the attached sample screen, Box 20, Code Z)

Select "Continue". 

The next screen will give you plenty of options for entering the Z1 to Z6 amounts. If the description isn't already displayed, you can type them in at the bottom. Don't enter "zeroes" or Codes with an amount of "zero".

Run out of lines at the bottom? Just press "Tab" key and a new line appears (see attached sample screen, Box 20, Code Z Amounts).

[wbradbur]

TurboTaxToddL:  That worked!  Many thanks!  I am in your debt.  Follow-up question:  My K-1 has entries in both Box 1 and Box 2.  TT says to therefore enter this as two different K-1's.  But I have no idea how to segregate the Box 3-20 items that are associated with Box 1 income (business) and Box 2 (Rental).  And if I just enter all the same info twice, I get hit with double the tax.  Should I ignore the TT advice to enter as two K-1's, or is there a way to segregate the remaining boxes and associate some entries with Box 1 and some with Box 2?   Any advice appreciated.

[ToddL]

First, you do have to enter this as two different K-1s. I believe it works fine for one K-1 to report Box 1 income and the other to report Box 2 income and the remaining K-1 items. There is a small chance there might be "conflicts". Update this comment with details if that happens.

[wbradbur]

TurboTaxToddL:  Thanks again!  This also worked.  For the second K-1 (1065) I re-entered all the same information as the first K-1 for Parts I & II, items A - M.  Then for Part III of the K-1, I only entered the data from Box 2, and did not enter any info from Box 1 or from Boxes 3 - 20.  The double-hit on taxes is no longer occurring, so I think (hope) I'm now good to go.  I owe you one.

[ToddL]

My pleasure!

[jeff310]

I also have multiple entries for line 20Z (as well as 20AA), but when I leave the field blank as you indicated, I don't get a prompt to enter the details.  Is it okay to enter the information like I've done below: