Turbotax business 2023 form 1120 missing Code Z for sch k

[moti5253]

I am trying to enter Sch K with code z in Turbox Tax Business, line Z is missing for Form 1120C

How to enter ?

[tagteam]

Can you provide more details?

Are you preparing an 1120 for a C corporation? Did the corporation receive a K-1?

[moti5253]

Yes, using Turbotax Business 2023 to file 1120C form, Corporation has received Sch K with Code Z  STMT

[tagteam]

If the K-1 is from a 1065 (partnership/multi-member LLC) and the code is on Line 13, you need to enter a figure in Step-by-Step and then use Forms Mode.

[moti5253]

Yes, K-1 is from a 1065 multi-member LLC, but the code Z is on Line 20 

I understand that 1120C cannot claim section 199A deductions but do we leave it blank or need to enter somewhere

[tagteam · Accepted solution]

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@moti5253 wrote:

I understand that 1120C cannot claim section 199A deductions but do we leave it blank or need to enter somewhere

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You have to enter the figures on the correct forms in Forms Mode but, you're correct that the corporation cannot claim Section 199A deductions which is most likely the reason there is no Z code in the program on Line 20.

[tagteam]

I have to add, post haste, that you don't need to enter it.