K-1 1065 box 20

[RC18]

I have on my K-1 produced from TT business for a 1065 real estate holding co,  the K-1 box 20 has

A = 123

Z * =STMT

What am I supposed to do?

[tagteam]

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@RC18 wrote:

I have on my K-1 produced from TT business for a 1065 real estate holding co,  the K-1 box 20 has A = 123 Z * =STMT

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TurboTax Business should have generated a statement (Statement A) in conjunction with the Line 20(Z).

[bruceian]

More specifically, What do I enter into turbo tax when i have box 20(z) value = STMT on my k-1

[tagteam · Accepted solution]

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@bruceian wrote:

More specifically, What do I enter into turbo tax when i have box 20(z) value = STMT on my k-1

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You should have received a statement along with your K-1. If you did not, contact your partnership representative.

[jrosdahl]

OK, I am in the same situation.
I have a K-1 (Form 1065) with Box 20 = Z * STMT.
So, what is taken from the statement to put here?
Statement page:

Schedule K-1   Section 199A Info Box 20, Code Z
    Description:                                    Amount
       Trade or Business Hospitality

       Ordinary Income (Loss)               1234

       W-2 Wages                                    4567

        Unadjusted Basis of Assets       7890

So do I sum them, or take an average

3 numbers on the statement...not sure what to put in box 20

Would some one help?

Thanks,

Jon, 

[DavidS127]

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount on that screen.  Continue on, and you'll eventually find the screen  "We need some more information about your 199A income or loss".  When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1.  The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI 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.

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:

@jrosdahl

[Planman315]

Thank you DavidS127 for your excellent answer. All the others who attempted to answer merely restated what we were seeing on the screen but gave no direction. A waste of time. You explained that we are not to fill in a value in Box 20 Z but to Continue until we get to the questions which pop open for data input. So easy when you know what you are looking for. TTax needs to move your your answer so it will be the first one seen.