Sch K-1 Wks-Partnerships... Box 20 code Z has been selected but no section 199A income has been entered on statement A where do i find his and what do i do?

[DavidS127]

Enter your code Z on the "box 20 screen".  You don't need to enter an amount for box 20 code Z, but you do need to click Continue after you have entered the code Z.   The next screen is "Describe the Partnership" and the next screen is "We see you have Section 199A income" and then you should get "We need some information about your 199A income", followed by "Let's check for some uncommon adjustments".   When you get to those last two screens, you check the box on a line you need (a line from the Section 199A Statement or STMT that came with your K-1), other boxes will "open up" to enter the amounts from your Section 199A Statement/STMT.

Note that Unadjusted Basis of Assets amount goes on the "....has UBIA of qualified property" line.

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:

[Mchang7700]

Dear David, I read/reread every of your brilliant answers in the K-1 20Z section, very enlightening indeed--Thank you for your sweet patience and admirable professionalism demonstrated....

However, when I tried to input 20Z details for two of my 2021 K-1 forms, Turbo system still refused to give me the W-2 wages & UBTI lines for the necessary numbers.  I have deleted inputs TWICE to start anew, NO USE; then I manually inserted the numbers in the STATEMENT A slots in "forms" (for a pass-thorough partner with a separate EIN), Turbo still excluded those numbers into computation!  Instead, still gave me warning that my Section 199 info is missing!  In desperation, I, per your posted tips, clicked the link to send (Expert's Agent/Team) my tax file (Token 1023450).  

In addition, one of my K-1 has the following language ABOVE the 20Z Section 199 info--

Your allocable share of the entity's relevant items are:

1. Business Interest income-----------x

2. Adjusted taxable income (ATI)----xxxx

3. Average Annual Gross Receipts for the 3 previous taxable  years----xxxx

Pls advise where should I insert these numbers.  Many THX

[email address removed]

[Mike9241]

the thing is that the box 20 info goes nowhere.  some info is not even applicable to individuals.  that which is must be entered in specific sections of the Turbotax k-1 or when you get to the questions when the version you are using does not have forms mode.  if you have forms mode: go to the k-1. scroll down to section D1. 

in step-by-step mode, you should come to a screen asking about Qualified Business Income. this is 199A

this screen is for QBI loss carryovers.

then you'll come to a screen asking does your K-1 have a code Z in box 20 answer yes

you'll eventually get to a screen tat asks for the QBI/199A info

forms mode: with Turbotax using incorrect terminology you may see above the section you need "shareholder's share of QBI ......"    this section is for all 199A/QBI info.   skip entering the partnership name and ein if they are not already there. when you enter the ordinary income/loss on the first line those will pop up

you will also see lines for w-2 wages and UBIA "unadjusted basis immediately after acquisition"

items 1) and 2)  - you'll have to read the instructions and any additional info that came with the k-1. these items are k-1 specific

item 3) just ignore. this is for the taxpayer to independently determine if they must use the accrual basis for their businesses.    

[lightningrob]

Thanks David, this was very helpful.