K-1 from 1065 line 20 showing Z* STMT

[curt504]

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.  

[WenGong]

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!

[shimon]

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?

[tagteam]

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@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?

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The codes have changed from the 2018 tax year.

[johnp146]

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.

[tagteam]

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@johnp146 wrote:

HOW do I clear this?

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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.

[johnp146]

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.

[tagteam]

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@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.

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Did you input all of the information from your statement (not K-1) after you entered your K-1 (see screenshot)?

[johnp146]

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!!

[markmeiss]

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. 

[tagteam · Accepted solution]

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@markmeiss wrote:

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

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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.

[mychoiceLiquor]

TODAY 2/29 2020  TURBOTAX  -- When I enter "Z -199a "  same as you the ordinary business amount 

Do not enter any AA or AB , these all have different names in them now Not related 199
   AA section 704 information

   AB section 751 gain 
Just proceed to the next section,  after a couple of selection ( requirement and self-employment) you will get prompt for " we see you have section 199A" 
    * The income comes  from the Partnership that generated K1 
     - The income comes from another business 
Select K 1 and you will get another screen and you can enter everything is in your QBI statement A
   Sellect Various income/logss UBI income here 

( Watch the Federal Tax Due Godown at the Top !!  Success. If the tax due did not go down, you may have entered the Code Z wrong, go back and verify.  What is the point of 199A if you are not getting some money back for all your hard work on your small business 🙂   You deserver it, spend another hour and you will figure it out. )  

Hope this helps 
SPM 

 

[markmeiss]

Thanks for the response. Where should I be finding that screenshot? Unfortunately, I have gone through the K-1 step by step multiple times and it never shows me that screen, thus never allowing me to enter dollar amounts for code Z on line 20. Even when it catches the error of a missing dollar amount in the TT review, it doesn't allow me to enter any numbers on that form and the QuickZoom doesn't work either. Any ideas? Or should I contact support again. 

[jj1645]

Having same issue. Codes for box 20 are the big issue. This post did help. So far no definitive help from TurboTax.

[DavidS127]

The codes for box 20 have changed in 2019, and you need to use the codes on your 2019 K-1.

Use the TurboTax K-1 interview questions to enter the box 20 code Z.  You don't have to put an amount, just the code Z.  But, it is very important that you Continue to the Section 199A questions that follow.  In particular, there is a screen "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 20 code Z information to be correctly input into TurboTax.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.