K-1 from 1065 line 20 showing Z* STMT

[jj1645]

The answer. I had the same problem. After speaking with 5, yes 5 TT expert got an individual who knew what was going on. In box 20 if you have a code "Z", enter it. TT over the next few screens will give you the questions to enter the information  on Statement A. Took me 3 days and finally feel TT got it right. One "CPA" said "I'm not concerned with the codes. That irritated me and finally last night got an individual who said she was glad I was irritated, and together solved the issue.

[jj1645]

The answer. I had the same problem. After speaking with 5, yes 5 TT expert got an individual who knew what was going on. In box 20 if you have a code "Z", enter it. TT over the next few screens will give you the questions to enter the information on Statement A. Took me 3 days and finally feel TT got it right. One "CPA" said "I'm not concerned with the codes. That irritated me and finally last night got an individual who said she was glad I was irritated, and together solved the issue.

[Sje963yr]

When   I go to "QBI Pass-through Enity Reporting (Schedule K-1, Box 20, Code Z)"  I have entries for

"Rental income"

"W-2 wadges "

"UBIA of qualified Property"

What do I enter for line 20 (section 199A  info) Sch K-1 Wks-Partnerships???

a

[DavidS127]

Enter the code Z when you enter the K-1 box 20, but you don't need to enter an amount. Keep going through the K-1 interview, and there is a screen near the end of the interview titled "We need some more information about your 199A income or loss".  That screen will have a place to "check off" the items you have, and enter an amount for each one.  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.

[paulkazak50]

You relize that if you guys at TT explained it a little better in your software, he wouldn't have to verbally tell his partners how to enter it when they do their returns........

Why don't you just put the Letter corresponding to the amounts needed to enter on one's personal return? I have 7 different mounts on my Z*Stmt.....am I support to guess what the correct Letter/description is for these amounts? Apparently so, or call support to figure it out.....ridiculous...

[paulkazak50]

TT needs to do a better job of explaining what goes where from Z*STMT....there's 20 different answers on here....most seem like guesses to me

[denverguy]

I have what I believe is a slightly different issue with box 20 showing Z* STMT. I have a non-qualified business and no matter what I enter into TT Business, it shows Z* STMT which creates confusion for the K1 recipient as there are no values on the worksheet on Statement A.

It appears that box 20 is hardcoded as I have gone into the forms, changed the checkboxes on 199A Act Wks and no matter what I try, the K1 has box 20 with Z* STMT.

Anyone find a fix/workaround for this within TT Business?

[paulkazak50]

This is the correct answer - Notes: If you have Multiple coulmn amounts for a row-I added them together and posted that amount. As an Example, I had 3 columns of amounts across rental income on your 199A, I added the 3 amounts for rental income and posted that amount in rental income. 

Kudos to David for this post !!!!!!!!!!!!

[dmjwoodlands]

So, what was the answer?

[MaryK4]

See paulkazak50's answer  (above)- you must continue until you see a page that says "We need some information about your 199A income"

@dmjwoodlands

[JSW74]

Is this TT Problem fixed in Home and Business and not fixed in Premier which I have always successfully used for K-1s?

I have gone through this from the start of 4 different K-1s multiple times. Each time I have entered the Z code, no amount, and continued on to the section 119A questions. I have answered the questions and gotten to the input form shown in previous responses. I have checked the 1 or 3 lines where I have values from my K-1s and entered the amounts for each in the appropriate boxes. I continue on and still get the red error warning during review on each of the K-1s. If I switch to forms mode and look at the K-1 Wks form - there is a quickzoom button to enter 199A information. If I zoom that - it opens an internal form and all those numbers have been added to the lines oin Section D1 QBI Deduction - Statement A Information. But no total number has been added to the amount on the Box 20 code Z amount. I have even tried adding the sum of the amounts manually - but that does not clear the error.

[DavidS127]

You don't need an amount on the box 20 line of the K-1 wks for your QBI to calculate.  The QBI calculation is "driven" from the entries in Sections D1 and D2 of that K-1 Partner form.

In Forms mode, look at the K-1 Partner, QBI Component, and QBI Ded Summary forms for any box shaded red.  In particular, on the K-1 Partner form for your K-1, scroll down to Section D1 and Section D2 to look for a box shaded red.  If no box is shaded red, try to "trace" the amounts in Section D1 and D2 to the QBI Component form for that K-1, and from the QBI Component form to the QBI Ded Summary form to find "what is happening" in your QBI calculation.

@JSW74

[jg31]

The 2019 K-1 Statement A shows two amounts for 1) QBI rental income and 2) UBIA but the codes from box 20 are not identified on this statement at all.  For 2018 the amounts were clearly identified on the statement for Code Z and code AB.  For 2019 , nothing.  Also line 20 for the 2019 K-1 only shows code Z, nothing for code AB.  Any help would be appreciated.  

[jg31]

There is no Section D1 or D2 that appears in the schedule K-1 form for Form 1065.

[tagteam]

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@jg31 wrote:

There is no Section D1 or D2 that appears in the schedule K-1 form for Form 1065.

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You need to be using Forms Mode (which @DavidS127  mentioned in his post) and only the desktop (installed) versions of TurboTax support Forms Mode.