K-1 from 1065 line 20 showing Z* STMT

[tagteam]

TurboTax will carry forward your suspended passive losses (assuming you use the product for the next tax year).

Again, depreciation is entered on Form 8825 at the partnership (1065) level; a Form 4562 will not be generated on your personal return from the K-1 entries.

[rickelizrusso]

Hello I have an amount of $2,092 in box box 20 A but TT is not recognizing this income.  How do I correct this please as I assume I have to pay tax on this amount.

Elizabeth Russo

[mom2kidsdog]

Line 20A provides 'Other Information' on investment income, including interest and dividends, some of which will have already been reported in lines 5, 6a, 6b and/or 6c of the K-1. Filling in line 20A doesn't necessarily add income / duplicate income, but simply identifies for TT how / whether the particular investment income is taxed. For instance, Sec 199A dividends, i.e., dividend income qualifying for the qualified business income deduction, might be identified.