Trying to enter my K1 info, Section 199A, Box 20 Code Z. I have 1) Ordinary income and 2) Unadjusted Basis of Assets. Where do I enter amount for unadjust basis of asset?

[MaryK4 · Accepted solution]

After you enter the K-1 information, you will continue until you see this page:

[MrDG-CA]

I have the same question for the "UNADJUSTED BASIS OF ASSETS". 

I see where the Ordinary Income goes....  after you check the BOX in Business Income.

5 Boxes opens up for where you can enter the following:  Ordinary business income; Rental income, Royalty income; Other income; and Total ordinary Form 4797 gain/(loss) include above.

But I have not found anything that would match up with "Unadjusted Basis of Assets", unless it goes under a different name.

Have you been able to figure this out or has anyone given you an answer for this??

Any help would be greatly appreciated.

Thank you!

***update***  I was looking over the various answers again and I noticed that the "UBIA OF QUAILIFED PROPERTY" BOX was checked.

Is this where the "Unadjusted Basis of Assets" is ENTERED?

[MrDG-CA]

Hello Mary,

Based on your response to Unadjusted Basis of Assets (K1, Section 199A, Box 20, Code Z), this amount is ENTERED in the Partnership has UBIA of qualified property area, once the BOX is checked...    Correct?

Thank you very much!

[DavidS127]

Yes, on the "We need some information about your 199A income or loss" screen,  the last line "[Name of business] has UBIA of qualified property" line is the one you check to open up the box to enter the "Unadjusted Basis of Assets" from your Section 199A Statement for box 20 code Z.

[Triman]

But to get to the chart shown I must enter a value on the prior page, otherwise TT shows the K-1 as unfinished.

What value do I put in for Box 20-Z?

[MrDG-CA]

On my K1, Box 20, Code Z, it had an astride (*) and the letters "STMT".

Since TT only accepted a number value, I ended up leaving it blank, no space, letter, or number.

Moved on to the end and when the next page that came up for Section 199A information, I keyed in Ordinary Income (Loss in my case); W2 Wages; and the Unadjusted Basis of Assets.

Hope this helps....  good luck!

[Jay70]

I'm using TT Premier and I don't see/get the menu driven boxes to check for the UBIA.

[DawnC]

Make sure you have a checkmark in Box 20 when entering your K-1.  And on the following screen, you will need to enter Code Z to get the prompt to enter the UBIA information. 

@Jay70

[Jay70]

Thanks for the quick response.  I am not seeing what you are seeing.  I must have a different version of TT.  I do not have a box to check for line 20.  I have a box to check for code z at line 20.  When code z is selected, "section 199A information" appears in the description line.  I then must enter a numeric amount.  However, the amount (or a portion thereof) must be supported by amounts in Section D1:  QBI .... (further down the program) but it only lists UBIA of qualified property, no listing or drop downs for unadjusted basis of assets.

[DavidS127]

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount.  Continue on, and you'll find the  "We need some information about your 199A income or loss" screen.  The last line on that screen, ".....has UBIA of qualified property" is the the one you select for the unadjusted basis of assets number you are trying to enter.

UBIA is an acronym for Unadjusted Basis Immediately After Acquisition.

Here is the screen you need, and the last line is the one you need to check for the unadjusted basis of assets:

@Jay70 

[Edited 5/12/20|4:38pm PST]

[geecubed88_]

Sorry, but I am submitting an extended return and just looking at these subjects now.

I understand your advice, but my TTax screen that says "We need some information about your 199A income or loss" has only 5 options, none of which are "...UBIA of qualified property" or "...W-2 wages", both of which are the entries in my K-1 supplemental statement for 20Z1 and 20Z2.  Your screen (and some others I have seen in replies) have many more options than I do.  Thanks for any help.