I am trying to enter Sch K with code z in Turbox Tax Business, line Z is missing for Form 1120C
How to enter ?
You'll need to sign in or create an account to connect with an expert.
@moti5253 wrote:I understand that 1120C cannot claim section 199A deductions but do we leave it blank or need to enter somewhere
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.
Can you provide more details?
Are you preparing an 1120 for a C corporation? Did the corporation receive a K-1?
Yes, using Turbotax Business 2023 to file 1120C form, Corporation has received Sch K with Code Z STMT
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.
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
@moti5253 wrote:I understand that 1120C cannot claim section 199A deductions but do we leave it blank or need to enter somewhere
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.
I have to add, post haste, that you don't need to enter it.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Stephengravesjr
New Member
rf_ee
Level 3
Fred_Fandango
Level 3
Taxquestion23
New Member
HelpMePurchasePlease
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.