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
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
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,
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!
I'm not faulting TT too much for this since IRS hasn't posted a new 199A-related Form 8995 on their website either.
And a big THANK you on the windows 7 confirmation! I am not ready to force myself to use 10 just yet.
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.
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?
@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.
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".
@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.
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.
Just posting to help others who may have a bunch of rentals coming in from maybe a 1065 via a K-1...
The pages after the first page in the TT business K-1 will NOT say summary for box 20 item Z... But after how ever many pages your situation has it'll have a "Total" I'm guessing that is item Z value. No where on the in coming K-1 does it say that Total is to be put in for Z on the 1040 entry of the K-1... Least this is my guess from above...
Thanks for the help.
As of 2/12/2020, my K-1 Code Z does not have a place to enter "Statement A - QBI Pass-through Entity Reporting" for QBI information. I looked up the form, "QBI Component" for "Qualified Business Income Component Worksheet", UBIA value is not populated and hence no deduction is figured. I also can't override the values on this form.
Is this still not available, or should I be entering this "K-1 Statement A "information somewhere else?
Thank you!
Form A have the correct numbers. But I don't understand why TT could not enter it on line 20. They have done it last year, why not this year?
@shimon wrote:
Form A have the correct numbers. But I don't understand why TT could not enter it on line 20. They have done it last year, why not this year?
The codes have changed from the 2018 tax year.
I have this generated on the K-1 also. The narrative states "Section 199A information" with a dollar amount on a subsequent page.
My problem is when I input this into my individual 1040. I receive an ERROR on Schedule K-1 worksheet when running the error check. The "Z" is highlighted in red as the issue>
HOW do I clear this?
My K-1 was exactly the same last year, and I had no errors.
Thanks.
@johnp146 wrote:HOW do I clear this?
The red highlight should disappear after you input information in the screens that follow that entry for your K-1. If you do not enter anything, the red highlight (error) will remain.
I have the "Z" highlighted in Rred, and the Information has already been entered.
Exactly, my screen shows the following:
(Code) Z (in red with drop down error), (Description) Section 199A information, (Amount) 1435.
So, how do I clear this still? I don't know what else to input--short of changing the "Code".
This information was input from my K-1.
Thanks.
@johnp146 wrote:So, how do I clear this still? I don't know what else to input--short of changing the "Code".
This information was input from my K-1.
Did you input all of the information from your statement (not K-1) after you entered your K-1 (see screenshot)?
I got it cleared, THANKS!! My screen differed from your screen shot, but the idea of having to add more information to the worksheet was good guidance.
Either I missed it during the Turbo input Q/A, or else it should be added to the K-1 input area.
Thanks again!!
I'm having the same issue where line 20 I have a dollar amount for A and then for Z *STMT. I'm trying to figure out which number from my Statement A to input in TT for Z to override/fix the lack of a dollar amount so that I can submit. I just want to be sure. On Statement A I have two numbers. One for Ordinary Business Income (loss) and one for UBIA of qualified property. Which of those numbers should I be putting for Z in TT? And for some reason, this error is only showing up for one of the K-1s and not my spouse's K-1 (we are joint filing) that has the same Z *STMT. ?? Not sure why. Thank you for the help! I tried contacting support but they wanted me to upgrade$$ to speak with a CPA.