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What should I enter if my K1 has letter z in box 20 but in the amount box has letter stmt?

Turbo tax is only allowing a number amount there and isn't allowing me to type letters under "enter amount" next to code z
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JamesG1
Expert Alumni

What should I enter if my K1 has letter z in box 20 but in the amount box has letter stmt?

For IRS Schedule K-1 (1065), at the screen Enter Box 20 info, select code Z Section 199A information.  A value does not have to be entered.

 

Then click Continue.

 

At the screen We need some information about your 199A income, click the box to the left of the item to be entered.  An entry box will open.  

 

The preparer of the K-1 and its attachments will provide information to enter.  Items that you may be entering are:

 

  • Ordinary business income (loss) from this business,
  • W-2 wages for this business, and
  • UBIA of qualified property for this business.

Enter these values for the qualified business income deduction to be calculated.

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