What figure to enter from K-1 line 20 code Z stmt?

[harigyl-yahoo-co]

what figure to enter in line 20 of K1 statement

[JeffreyR77]

It is very important to Continue through the K-1 interview after you have entered your box 20 code Z.  Enter the code Z when you enter the K-1, but you don't need to enter an amount.  Continue on, and there is a screen near the end of the interview titled "We need some more information about your 199A income or loss". 

This screen must be completed in order for your box 20 code Z 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.

[gran2or]

I have an * and STMT in space. My STMT entry has  Section 199 Information with 2 entries

Net rental real estate income (loss) and Section 1231 gain (loss) filled in.

What do I enter into the line 20 code Z box for the amount?

Thank you any help you can give me.

[ThomasM125]

You would enter the amount reported in the statement for qualified business income (QBI) for your rental income or loss. It would often be the same amount as entered in box 2 on your K-1 schedule Net Rental Real Estate Income, but could also be in box 3 Other Net Rental Income.

After you enter the code Z entry, you will see another entry for the section 1231 gain amount, when you see the screen that says We need some information about your 199A income.

[sebekjohn-gmail-com]

I had the same situation...1 partnership that contains several private equity passthroughs for wages and UBI.  I used the method suggested to input multiple K-1 in Turbo-Tax for the same partnership...but only setting up the extra K-1 with key partnership info (name, address, EIN), and then indicating only info I had to report was Box 20 code-Z...the followed the question prompts to input each of the various business EIN's with their wages and UBI info.  Seems to process in turbo-tax OK with not errors noted, but I am not sure it will correctly reflect when this goes electronically to the IRS.  Wish TT would allow a screen to input multiple business entities for Box 20 code Z info...seems like this could be an easy fix.

[DawnC]

It is not uncommon for a K-1 to report Qualified Business Income (QBI) information not only for activities of that partnership, S Corporation, or trust but also for QBI passed to that partnership from another partnership, S Corp, or trust. If your K-1 reports Section 199A information for both the “main” entity and a “pass-through” entity, you must enter your K-1 as if it were two (or more) separate K-1s. One K-1 will report only the box amounts for the main entity, and a separate K-1 is needed for each pass-through entity. If you can't figure out how to split the amounts from the information you have, you’ll need to contact the preparer of the K-1 to get those amounts.

When entering those separate K-1s for the “main” and “pass-through” entities (and after you’ve entered your specific box/code) you’ll be asked if the Section 199A information comes from the entity that sent you the K-1, from another business, or is only Section 199A (REIT) dividends. 

For the K-1 that has the “pass-through” entity box numbers, choose the from another business option. At that point, TurboTax will ask for the name and EIN of the pass-through entity.

A K-1 entry for QBI can be further complicated if:

• your K-1 has entries for any two boxes of boxes 1 through 3; or,
• if there are rental activities reported on lines 2 or 3 where at least one of the rental activities is self-rented or land and there are also additional rental activities that are NOT self-rented or land.

Even when there’s no Section 199A information, these situations require a separate K-1 in TurboTax for each type of activity. When K-1s such as these also have a Section 199A Statement with QBI information, the Section 199A Statement amounts must be split within those separate K-1s.    @sebekjohn-gmail-com

The above comes from this Help article.  The article also contains information on how to enter Qualified Business Income deduction from K-1 when:

• The business is classified as a Specified Services Trade or Business (SSTB) or you sell to an SSTB that you co-own
• Your K-1 statement reports amounts from a specified agricultural or horticultural  cooperative
• Your K-1 has a business loss 
• You are itemizing and have charitable contributions made by your K-1 business or investment interest expense from a loan used to buy your K-1 business.  

[sgiitb85]

I have recd a K-1 from an oil property. Box 20 has a Code Z. It says go to STMT. In the STMT, it has two lines - one for ORDINARY INCOME Loss is shown) and another line for Unadjusted Basis of Assets (a positive number). What needs to be entered? Turbo Tax syas that I should have recd a Statement A with this. But I dont see any Statement A. Please help. Thanks.

[sebekjohn-gmail-com]

Select code Z when inputting your Box 20 data, but do not enter any value for code Z (leave it blank) and then continue.  TT will then prompt you for "199A info" on a following screen, which will then give you fields to populate both values (enter a Loss as a negative value, and enter other values as shown on your K-1 schedule.  Hope this helps.  This is an area that I hope Turbo Tax will improve on for next year!

[sgiitb85]

Thanks. Followed your instructions. Entered blank for Code Z and then on the screen that asks for some information about 199A income, I was able to enter ordinary business income. But I do not get any prompt to enter the UNADJUSTED BASIS OF ASSETS. Where does that number go?

[sebekjohn-gmail-com]

The field to input this should be on the same screen as your Wages and Income/loss box 20 code Z info...make sure you scroll to the very bottom...it should be labeled "UBIA of property" (this it the Unadjusted Basis of Assets" field.

[sgiitb85]

You are absolutely correct. I was thrown off by the "I" in UBIA.

[ningji]

I fixed mine this way.

1. Analyze your return reported code Z error.

2. Went to the form mode by clicking the "Forms" on the top right corner.

3. Go to section D, fill in the info from your K-1 statement. Now this is the real fix for my case, i have multiple K-1 has code Z.

TT has a very bad GUI, it puts 2 K-1s having issues in 2 tabs, very easy to miss.

I kept on fixing the 2nd one, TT is not closing the tab for the one just corrected, so i kept on trying and almost crash.

Until i suddenly found there's another tab and there's another error.

Filled in the info for the other one, this error went away.

[LLLfaB]

this is exactly the problem that I am having.  I have turbotax premier desktop

[Jabe]

I have the same question.  I went to the Form for this K-1, but under Z, Section 199a information, there is just a single box for an amount.  My K-1 has multiple properties listed with rental income (loss) and Unadjusted basis of assets, for each. There are totals at the end of the statement for rental income (loss) and unadjusted basis of assets, but since there is only one box for an entry, I don't know which to enter. 

[lh1799]

Trying to help my dad and he is having the same issue.  On 2 of his K-1's there is an amount in Box 20 - code Z.  But I keep getting an error ""Box 20 Code Z has been selected but no Section 199A income has been reported in Statement A." 

I have tried multiple things to resolve this error with no luck and until I fix it, he can't file.  Any other suggestions?  Thanks!