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Den-Mother
New Member

What does STMT mean on a K1

 
13 Replies
DanielV01
Employee Tax Expert

What does STMT mean on a K1

It depends, but if STMT appears in Box 20, the statement that accompanies the K-1 will break down all of the codes and the amounts you will need to input into your tax return.

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Dmitry
Level 2

What does STMT mean on a K1

Do you know what STMT stand for?

 

Also, if STMT is on line 17 of K-1, how do you interpret it?

 

Thank you

JohnB5677
Expert Alumni

What does STMT mean on a K1

STMT on a K-1 will typically mean that there is a Statement attached that will give you some additional information.

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tagteam
Level 15

What does STMT mean on a K1


 wrote: @Dmitry  

Also, if STMT is on line 17 of K-1, how do you interpret it?


Line 17 with a V code on your K-1 contains Section 199A information, which you can read more about at the link below (and you should have received a statement with your K-1; if not contact the issuer).

 

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-i...

Dmitry
Level 2

What does STMT mean on a K1

Thank you, John.

As soon as you said Statement, I "connected" the acronym STMT to this word.

Dmitry
Level 2

What does STMT mean on a K1

Thank you!

gpm111
New Member

What does STMT mean on a K1

It is true that the statement that accompanies the K-1 shows the code and amounts, but how are the entered into TurboTax? My K-1 shows code AH (other information) STMT, then on the statement there are multiple codes and amounts. It is not clear to me how TurboTax accounts for a statement. Any help would be great!

DaveF1006
Expert Alumni

What does STMT mean on a K1

You can go to Box 20 in your K1 section of your Turbo Tax program and make as many entries as you like.  For an example you will select the drop down in the first box, enter code AH and amount. You would then go to the second box and do likewise. 

 

Although there are initially three 3 entries in Box 20, it will continue to add boxes and accommodate as many entries as necessary so that you will be able to enter all the codes and the amounts..

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Newes
New Member

What does STMT mean on a K1

I have STMT appear in box 20 of the K-1. I have 3 items described that makeup Box 20. They are identified as Rental Income (loss) , W-2 wages and Unadjusted basis of assets. If I use the AH code for each of these they won't be specifically identified. Is that correct. What's the point? 

JamesG1
Expert Alumni

What does STMT mean on a K1

These are the three components needed for a qualified business income deduction assuming that you have a gain on rental income and you qualify for the deduction.

 

This TurboTax help explains the entry of the AH codes in box 20.

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nrbrandt
Level 1

What does STMT mean on a K1

I have a K-1 for rental real estate.  Box 20 has code Z and the statement has the items Rental Income and Unadjusted Basis of Assets.

 

After I enter those TT asks about section 199a income and there is a check box for the income but not for the assets.  There is a checkbox for UBIA of Qualified Property, that's not the same is it?  If not, where do I put the Unadjusted Basis of Assets?

KathrynG3
Expert Alumni

What does STMT mean on a K1

Yes, that is the same. UBI=Unadjsted Basis Immediately After Acquisition. Go ahead and check that box and enter your amount.

glfnrtrvr
Returning Member

What does STMT mean on a K1

Thanks

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