K-1 Box 20 - Category Z

[Emily-2Q2Q]

Hi there,

I have a K-1 that has a confusing entry in Box 20, Category Z "other information".

On Part 3, t here is no number entered in the box, it just says " * STMT"

When I look at the statement, it says:

Description:

Rental Income (Loss)    ......XXX
Unadjusted Basis of Assets ....XXXXX

Passthrough -  NAME OF LLC
Rental Income (Loss) ..... XXXX
Unadjusted Basis of Assets..... XXXX

I'm not sure what this means or where I should enter it.

Thank you.

[Irene2805]

After entering the information for Box 20, after a few screens you will see We see you have Section 199A income:

• If "Passthrough -  NAME OF LLC"  is the same name as on the -1, mark the first radio button (The income comes from the partnersip that generates the K-1).  Click Continue.
• If "Passthrough -  NAME OF LLC" is a different company, mark the second radio button (This incomes from another business.)  Enter the information for the second busdiness.

On the next screen, We need some information about your 199A income, mark the boxes for the type of income the partnership has (rental income, Unadjusted Basis of Asset) and enter it in the boxes that appear.  [See screenshot, below.]

[Emily-2Q2Q]

Thank you.

1) The first instance of rental income and unadjusted basis is from the same company as is issuing the K-1 (GRASS LLC).  No other entity is mentioned.

I have not yet found a place to enter this GRASS LLC income.  It seems that when I click the box to enter the income from the other LLC  (SURETY) (mentioned below in (2) ), I am not able to enter the income from THIS business.

2) The Passthrough NAME OF LLC - is from a different LLC (SURETY).  The K-1 is from the GRASS LLC.

- I was able to find where to enter the RENTAL INCOME - as shown on your GoodDogz screen capture.
- I was not able to find where to enter the Unadjusted Basis of Assets.  I did not find a corresponding line item in the Good Dogz screen capture.


Thanks again.

Emily

[DavidS127]

Each K-1 you actually receive must be entered separately.  Enter only the "box 20, code Z" information on the Statement or "STMT" that comes with that K-1.

The Unadjusted Basis of Assets is the last item on that page, it uses the acronym UBIA.

@Emily-2Q2Q