K1 line 20

[Fastferdi]

I have a letter Z on line 20 with STMT behind it and I have a Statement A and a Statement C do I have to enter both statements or just one?

[Irene2805]

Use the statements to enter the details for line 20, Code Z.  For example, the type of income [REIT, rental, ordinary business income] and deductions charitable, 179, etc].

You will have to enter this information as part of the k-1 entry, on the screen, We need some information about your 199A income or loss.  When you mark one of the boxes on the screen, you will be asked to enter the amount for that category.

[Fastferdi]

What is this form 199A as on the bottom of the statements it says Form 1065 and it says on the top of Statement C QBI pass through entity reporting--Patrons of Specified Agricultural and Horticultural Cooperatives (Schedule K-1,Box20, Code Z).

When I talked to the person in charge of the LLC I was told that the amount that is found on this statement was lumped into the total amount on Statement A.

[RobertG]

Go ahead and enter the amount from Box 20, Code Z.

Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and some trusts and estates, a 20% deduction of income from a qualified trade or business. 

The 199A deduction is not separately reported, it is calculated by TurboTax based on your reported business income.

If you are reporting income from a Schedule C or F, TurboTax will add that income to the calculation. 199A income from partnerships is reported on the K-1.

Cooperatives do not qualify for the QBI deduction under section 199A(a) but may be eligible to take the section 199A(g) deduction. Section 199A(g) provides a deduction for Specified Agricultural or Horticultural Cooperatives (Specified Cooperatives) and their patrons similar to the deduction under former section 199, which was known as the domestic production activities deduction.

See IRS website 199A - Qualified Business Income Deduction FAQs for further information.

@Fastferdi

[kwright2]

I have more line items in box 20 of my K-1 to enter, in the STMT box, but when I try to get more lines to enter these amounts, the Turbo Tax program crashes .  How do I add more items to box 20 entry than the 3 lines offered?

[DaveF1006]

You should be able to enter more than three items in Box 20.  Usually after you enter the third entry, there will be a 4th Box that will appear. You might try updating your program periodically. Hopefully you don't have a don't have a program that you installed from a disk.

[DavidS127]

Note that the Statement C that you received with your K-1 may have amounts related to qualified cooperative payments reported on Form 1099-PATR.

Enter your Statement C the same way as a Statement A, by entering the code Z on the screen for box 20 (no amount needed here).  Then Continue until you get to the screen Irene2805 provided earlier in this thread.  Next, Continue to the next screen to check the box for qualified cooperative payments on the "Let's check for some uncommon adjustments" screen.

Here is a screenshot of that "Let's check for some uncommon adjustments" screen:

[DavidS127]

If the Statement C that you received with your K-1 has amounts related to qualified cooperative payments reported on Form 1099-PATR, there is a TurboTax screen to enter those.

Enter your Statement C the same way as a Statement A, by entering the code Z on the screen for box 20 (no amount needed here).  Then Continue until you get to the screen "We need some more information about your 199A income or loss" screen which Irene2805 explained earlier in this thread.  After you've entered any amounts that "fit" on that screen, Continue to the next screen to check the box for qualified cooperative payments on the "Let's check for some uncommon adjustments" screen.

Here is a screenshot of that "Let's check for some uncommon adjustments" screen:

[Fastferdi]

DavidS127

as for the form 1099-PATR I do not receive one of those as it is sent to the Family LLC and then the statement C is sent to each one of us in the LLC with the amount of which was forwarded to each of us therefore some of the forms that you mention I don't receive as it is sent to the one in charge of the paperwork for the LLC.

Fred

[DavidS127]

If the LLC received the Form 1099-PATR, any amounts applicable to your interest in the LLC should be reported on the Statement C you received with your K-1.

@Fastferdi

[christoa]

where is the 199A income reported on the K-1?

i have a line 20 code Z and turbotax says i need a 199A income entry.

[DavidS127]

You should get a Section 199A Statement or STMT or Statement A with your K-1 (associated with box 20 code Z for a partnership).  That Statement has your Section 199A information.  That information must be entered on special screens.

Enter your code Z on the "box 20 screen".  You don't need to enter an amount on that box 20 screen, but you do need to click Continue after you have entered the code Z.   The next screen is "Describe the Partnership" and the next screen is "We see you have Section 199A income" and then you should get "We need some information about your 199A income", followed by "Let's check for some uncommon adjustments".   When you get to those last two screens, you check the box on a line you need (from your Section 199A Statement), and other boxes will "open up" to enter the amounts from your Section 199A Statement/STMT.

Note that Unadjusted Basis of Assets amount goes on the "....has UBIA of qualified property" line.

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.

Here are screenshots of the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1 Section 199A Statement/STMT: