On my K1, box 20, I have code Z, but there's no amount listed -- it says "STMT". Where do I find the info to enter in the amount box?

[goodhobbit]

I have a 'Z" in box 20 on my K-1. On Statement A which comes with the K-1 it indicates that the dividend income for form 199A is $1. I entered the $1 into TurboTax and it said it was an error and won't allow me to file the return electronically. Help ... I don't know how to proceed.

[ThomasM125]

If the income reported on the schedule K-1 is minimal, as you indicate, the qualified business income (QBI) will not have a significant impact on your tax return so you could leave the box 20 entry off your return. You can try deleting the line 20 entries and deleting the check mark for box 20 in the early stages of the K-1 entry. If that doesn't work, you can delete the K-1 entry and re-enter it and skip the box 20 entries. It may just prevent your tax from being reduced by a minimal amount.

@goodhobbit

[wmbaker3]

James, you seem to know about this section. Below is my K-1 Box 20 Code U & Z statement. Can you advise me as to what numbers I enter into the TT section for each of these ? Thx,  Wm.

[JamesG1]

It looks like you are reporting a Schedule K-1 for Form 1065.

At the screen Enter Box 20 Info select Z-Section 199A Information.  Make no entry.

At the screen Enter Box 20 Info select U-Section 743(b) basis adjustment.  Per the IRS instructions, enter total remaining basis.

Partner's Instructions for Schedule K-1 (Form 1065) states:

Section 743(b) adjustment.

New code U under line 20 is used to report the total remaining section 743(b) adjustment for applicable partners. This was reported in previous years on line 20, code AH.

At the screen We need some information about your 199A income, select and report business income/loss, other deductions, W-2 wages and UBIA of qualified property.

[wmbaker3]

Yes, it is a Form 1065 K-1.

Sect 743(B)   So for Code U I will add 5288 + 1342 = 6630 & enter that.

Sect 199A.    For Code Z I will leave it blank.

Thanks for the input, most helpful.  Wm.