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shimon
Level 3

K-1 from 1065 line 20 showing Z* STMT

Filing 2019 tax return Form 1065, The K1 line 20 showing Z* STMT. I compered it to my 2018 tax return, on line 20 there 2 entries, Z $1.829, and AB 62,802. This year it should be similar to last year.

In a statement A, QBI Pass-through entry reporting, there are 2 entries for each partner.
Partner Income (loss) $5,001(2 equal partners).
UBIA qualified property $62,802.

Should I overwrite K1 schedule for each partner and enter:

Z ------ $5,001
AB------$62,802

I am hesitating to do that, since last year return, it was automatically inserted into the K-1.

Thank you for any help

1 Best answer

Accepted Solutions
tagteam
Level 15

K-1 from 1065 line 20 showing Z* STMT


@markmeiss wrote:

On Statement A I have two numbers. One for Ordinary Business Income (loss) and one for UBIA...


You can combine the two figures and enter the total on Line 20. On a subsequent screen (see screenshot below), you will then enter each separately.

 

qb.png

View solution in original post

90 Replies
tagteam
Level 15

K-1 from 1065 line 20 showing Z* STMT

Do not override any figures on your K-1s. If you cannot resolve the issue, contact Support (link below) during regular business hours for further assistance.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

DLE
Level 3

K-1 from 1065 line 20 showing Z* STMT

Same issue for me.  Is this a Windows 7 issue?

DLE
Level 3

K-1 from 1065 line 20 showing Z* STMT

And QBI data is not populated at all

shimon
Level 3

K-1 from 1065 line 20 showing Z* STMT

It is not Windows 7 problem, I have Windows 10. Here an answer I received from TurboTax. I don't like this solution, but for now I am going to do it as they suggested. I will inform my partner to enter code Z and code AB for line 20 when they file their personal tax return.

 

As we discussed, you were concerned that line 20 of your 2019 1065 K-1 did not have certain information listed as it did last year, but rather directs the partner to Statement A. On Statement A, the rental income of $5057 and the UBIA (unadjusted basis immediately after acquisition) of $62802 are reflected in the second column. 

If you go to the Forms view in your TurboTax program and pull up the K-1 form, you can right click on the line 20 box with STMT for additional information about that line. This pulls up the following regarding line 20 (I have underlined the pertinent information):

Schedule K-1 (Form 1065) 

The Schedule K-1 codes require that you identify the income, deduction, credit, or other type of amount on the Schedule K. This code along with the partner's share, will appear on the Schedule K-1. If the same code is entered more than once on the same line on the Schedule K, the Schedule K-1 will summarize the amounts and only display the code once. Also, the codes will be alphabetized on the Schedule K-1.

Schedule K-1 is a summary schedule identifying each partner's allocable share of income, deductions, gains, losses, credits, and other reportable items. This is a fully calculated form. However, because of the new IRS codes condensing certain lines, additional details are required to explain specific codes to the partners on their K-1s. To disclose those details, use the Supplemental Information Smart Worksheet at the bottom of Schedule K-1. You may also use the same smart worksheet to expand any other line detail you may choose.

In other words, the new IRS codes have caused your information to be reflected a little differently on this year's K-1. If you scroll down to the Supplemental Information Smart Worksheet, you can add the line 20 amounts of $5057 (code Z) and $62802 (code AB) with an explanation to the other partners as to how to reflect these amounts when entering their K-1 information into their personal return tax software. That way, your partners are informed and will not need to reach out to you for further clarification. 

I understand that this was confusing for you, and I'm glad that you reached out to us for assistance. I have informed my leads of the vagueness of Statement A for a possible flag for escalation, as we strive to continually improve our software.

You may receive a follow-up email with a survey about your experience with TurboTax. Please take a few minutes to share your honest feedback. It’s one of the ways we measure performance, and will help us continue to improve.

Thank you,

DLE
Level 3

K-1 from 1065 line 20 showing Z* STMT

Thank you.  I just saw on another thread that the K-1 worksheet or form is not complete in Home and Business as of today's update and another update is pending.  Guess that's what I get for trying to finish taxes early!

DLE
Level 3

K-1 from 1065 line 20 showing Z* STMT

I'm not faulting TT too much for this since IRS hasn't posted a new 199A-related Form 8995 on their website either.

DLE
Level 3

K-1 from 1065 line 20 showing Z* STMT

And a big THANK you on the windows 7 confirmation!  I am not ready to force myself to use 10 just yet.

ThomasM125
Expert Alumni

K-1 from 1065 line 20 showing Z* STMT

The QBI function in TurboTax is not available as of 1/27/20 due to delays in congress getting the tax law finalized. It should be available by February 5, 2020. I suggest you enter your K-1 information as it is listed on your schedule, and wait for the program updates.

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curt504
Level 3

K-1 from 1065 line 20 showing Z* STMT

I have on my K-1 produced from TT business for a 1065 real estate holding co,  the K-1 box 20 has

A = 123

Z * =STMT

 

What am I supposed to do?  re entry of the K-1 in TT personal for my 1040?

tagteam
Level 15

K-1 from 1065 line 20 showing Z* STMT


@curt504 wrote:

What am I supposed to do?  re entry of the K-1 in TT personal for my 1040?


Yes, you enter the information from your K-1 into your TurboTax personal version (1040).

 

Note that you should have a statement with a dollar figure for Code Z. 

curt504
Level 3

K-1 from 1065 line 20 showing Z* STMT

The K-1 produced by TT business (the pure business version) updated as of yesterday 2/11/20 produced k-1's with box 20:  Z *  STMT

Where does the number come from for entry into my 1040 k-1 entry?

I'll guess;  wait a bit, hopefully TT will push out a fix for TT business (pure business not combo home-business) and I'll re-save my K-1s and Z will have a number.  Today (2/12/20) it has "STMT".

tagteam
Level 15

K-1 from 1065 line 20 showing Z* STMT


@curt504 wrote:

Where does the number come from for entry into my 1040 k-1 entry?


In TurboTax Business, enter Forms Mode and look for "Statement A", which should be directly below your K-1(s); that statement should have an actual dollar figure.

DLE
Level 3

K-1 from 1065 line 20 showing Z* STMT

Agree.  As of update I downloaded yesterday for TT Business, K-1 line 20, Code A, "STMT" includes an attached "Statement A" with all the info needed to enter in personal 1040 and associated forms using TT Home and Business (also updated yesterday).  All appears to be working and calculating QBI deduction properly.  

 

The K-1's I received from a professional tax accounting firm look exactly like the TT Business K-1's after last round of updates.

DLE
Level 3

K-1 from 1065 line 20 showing Z* STMT

Sorry Code Z not A...

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