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Level 2
posted Mar 31, 2023 10:33:40 PM

Questions for LLC K-1 box 20B and 20Z

My pass-through LLC received K-1 form from another LLC with values in Box 20 B and Z. 

Will existing K-1 Box 20B and Z values be passed to new K-1 Box 20B and Z by profit proportion rate (if distribution is by profit rate)? How to set it up if these existing K-1 values need to pass to the new K-1?

 

Thank you!

 

Jennifer

 

 

0 1 653
1 Best answer
Expert Alumni
Apr 2, 2023 11:38:52 AM

Yes, to record this activity for your LLC and its partners, enter Schedule K-1 as received by the LLC, including information from Box 20, under Federal Taxes >> Income >> Schedules K-1. You may need to enter info from Statement A using Forms Mode.

 

To review your entries from this K-1, open your return and click the Forms icon in the TurboTax header.

  1. Look for K-1 Partner in the left column. Click the form name to open it in the large window.
  2. Scroll down to Line 20 to confirm your entries for this box.
  3. Section A below Line 21 provides input lines for the Statement A information. Complete this section to allow the info to flow to the partners'' K-1s.
  4. To review this flow-through to K-1s, look for Statement A under Schedule K-1 (Partner Name). You should see a column on this form for the flow-through LLC's K-1 with the allocation for this partner.

1 Replies
Expert Alumni
Apr 2, 2023 11:38:52 AM

Yes, to record this activity for your LLC and its partners, enter Schedule K-1 as received by the LLC, including information from Box 20, under Federal Taxes >> Income >> Schedules K-1. You may need to enter info from Statement A using Forms Mode.

 

To review your entries from this K-1, open your return and click the Forms icon in the TurboTax header.

  1. Look for K-1 Partner in the left column. Click the form name to open it in the large window.
  2. Scroll down to Line 20 to confirm your entries for this box.
  3. Section A below Line 21 provides input lines for the Statement A information. Complete this section to allow the info to flow to the partners'' K-1s.
  4. To review this flow-through to K-1s, look for Statement A under Schedule K-1 (Partner Name). You should see a column on this form for the flow-through LLC's K-1 with the allocation for this partner.