I am trying to enter a partnership k-1 received with code z on line 20 that says stmt onto a 1065 return. Not sure what amount to use from the 199a stmt. There are three properties shown on the stmt, 2 have rental income figures and UBIA figures. The other one has a rental loss and 1231 gain only. I am using Turbo Tax Business. Any help would be greatly appreciated!
Enter the figures from your statement (Statement A) in Forms Mode directly on the K-1 you received.
Thank you. So, should I add the rental properties together that are listed on the stmt with the K-1 (total rental income, total UBIA, etc)? Should the property with the rental loss and 1231 gain go on there as well? I think those two items aren't eligible for QBI, correct?
I keep getting a message that this is the only thing that I need to send in my taxes and that there will be a subsequent release or update to support this. When is that going to be?
During review of my return, TurboTax is showing following error message regarding my K1 section. I have none of those listed expenses, other than normal business expenses (like travel etc.) for my LLC. Is there a new release coming? And if so when? your help is appreciated.
I have a similar question but my statement is strictly business, no rental. The section 199A information lists 4 numbers: Ordinary income, self-employment earnings, W-2 wages and Unadjusted basis of assets. What number do I put in the box?
Are you saying you have four lines of 199A in line 20 with code Z?
I'm saying that what is entered in box 20, code z, is:
* STMT
when I turn the next page of the K-1, it has section 199A information, box 20, code z, then under description, it lists ordinary income, self-employment earnings (loss), W-2 wages and unadjusted basis of assets.
Then it explains that these amounts are to be used in the calculation of QBI deduction, and to consult your tax advisor. Turbo Tax can't help me with this?
Each K-1 usually comes with a disclosure statement so it is telling you that need to refer to the statement to look for the amount to report in Box 20. These statements are detailed and these amounts are easy to miss.
I received Statement C as well. I don't see any information regarding that statement. My information seems to be working for statement A, but not statment C.
Same on my K-1, Line 20 Code Z.
Supporting schedule says Statement A - QBI Pass-through Entity Reporting.
Has lines for Ordinary Income, Rental Income, Royalty Income, etc. It does not have Code Z amounts. Only filled in amounts are for Rental Income and UBIA of qualified property.
It is not printing Schedule K-1 - 199A Supplement (Line 20) like last year.
This needs to get fixed.
Note that 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.
If the Statement C that you received with your K-1 has amounts related to qualified cooperative payments reported on Form 1099-PATR, there is a TurboTax screen to enter those.
Enter your Statement C the same way as a Statement A, by entering the code Z on the screen for box 20 (no amount needed here). Then Continue until you get to the screen "We need some more information about your 199A income or loss" screen. After you've entered any amounts that "fit" on that screen, Continue to the next screen to check the box for qualified cooperative payments on the "Let's check for some uncommon adjustments" screen.
Here is a screenshot of that "Let's check for some uncommon adjustments" screen:
I did the TurboTax inputs just as you said, but when I try to e-file, I get a "check this entry" message about the code Z entry in box 20. The form looks correct, the numbers looks correct, but the message is "Box 20 Code Z has been seleceted but no Section 199A income has been reported in Statement A." I don't know what Statement A is, but there is no editable box in the tax form information shown below this message. TurbTax won't let me file with this is as is, if I just continue on it will bring me back this message if I try to file.
What is "Forms mode"? How do I get into this? I am using TurboTax on-line, Premier edition.
@mrmrst wrote:
What is "Forms mode"? How do I get into this? I am using TurboTax on-line, Premier edition.
The online versions of TurboTax do no support Forms Mode; only the desktop (installed) versions support it.
I followed the instructions and I got the page that states
We need some more information about your 199A income or loss
I am using TurboTax online.
I have 5 passthrough LLCs on my statement and each have the following:
Rental Income (loss)
W-2 Wages
Unadjusted Basis of Assets
1. Do I add up all 5 Passthrough LLCs' Rental Income (loss) and report it all on 1 line?
2. Do I add up all 5 Passthrough LLCs W-2 Wages and report it all on 1 line?
3. There is not an item description that states, "Unadjusted Basis of Assets" The closest heading is: "ABC 123 LLC HAS UBIA of qualified property" Is this the same thing? Do I add up all 5 Passthrough LLCs Unadjusted Basis of Assets and report it all on 1 line?
Please kindly advise.
Yes, you will want to add the five amounts that are associated with this K-1. The UBIA is also correct- add them together and enter the total.
Ok. Thank you for your response.
Just to give some clarification, "Unadjusted Basis of Assets" and "UBIA of qualified property" Is the same thing?
Thank you
Hi, I had exactly the same question with an additional complication: My K-1 is for a private equity fund that has five different businesses listed in the attached Box 20 Code Z Statement. I therefore listed five separate Code Z lines in the TurboTax input section. As suggested, I left the amounts blank, and later in the interview TurboTax asks for additional detail on the business including name, EIN, Ordinary Income, and W-2 Wages. I input this information for the first business, but there does not seem to be any way to input the information for the other four businesses since the interview doesn't ask for information on more than one Code z? The accountant that prepared the K-1 insists that these need to be input separately since they all have their own EIN. I switched view from the "Step-by-Step" to "Forms" but similarly, there does not seem to be an obvious way to manually input these here either. Thanks.
Did you ever get a resolution to your question about the check entry message for code Z items on line 20 of K-1? I have entered the amounts but it keeps telling me they need to be entered when I run the review.
Hi, no unfortunately no one has answered the question. I've heard from others that the problem can be solved by entering separate K-1s for each of the companies (in my case 5 separate K-1s for the same partnership) or entering the 199A information in Schedule C. I have not checked either possible solution. My understanding is that this mess is because Congress enacted some tax "fixes" after last year's impeachment trial that Intuit never really implemented well... rather disappointing given how many people have K-1s now and how confounding it is to input them.
Hi mkexla. Thanks for your response. I was able to fix the issue I had with getting the "check entry" message saying that amounts needed to be entered for code Z items when they already had been entered. I went to the forms mode and opened the K-1's that had the error message. For line 20, the amounts were there but the Z was in red. I clicked on quickzoom to enter code z section 199a info just below line 20 and then selected the K-1 I needed. That took me to Section D1 where I could enter the missing info again. After doing that for each of the k-1's I had an issue with I ran the review again and it detected no problems. Hope this helps!