turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I correctly enter Sch K-1, Box 20, Code Z, Section 199A information? Section 199A has Net rental real estate income (loss) and Qualified property.

On Schedule K-1, Box 20, I have codes N, Z, and AG. A statement is provided showing one value for N, two values for AG (for 2021 and 2020). Schedule K-1, Box 20, Code Z - Section 199A information shows values for Net rental real estate income (loss) and Qualified property. I have entered all of the information as prompted into the section called "We need some information about your 199A income", and here I entered both the Net rental real estate income and the Qualified property information. My question is, when prompted by Turbo Tax to "Enter Box 20 info" what do I put under "Z-Section 199A information"? Do I just put the Net rental real estate income here???

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
ThomasM125
Employee Tax Expert

How do I correctly enter Sch K-1, Box 20, Code Z, Section 199A information? Section 199A has Net rental real estate income (loss) and Qualified property.

Yes, code Z on line 20 of a partnership K-1 schedule would require you to enter the net income of the section 199A entity.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

4 Replies
ThomasM125
Employee Tax Expert

How do I correctly enter Sch K-1, Box 20, Code Z, Section 199A information? Section 199A has Net rental real estate income (loss) and Qualified property.

Yes, code Z on line 20 of a partnership K-1 schedule would require you to enter the net income of the section 199A entity.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
SidSkot
New Member

How do I correctly enter Sch K-1, Box 20, Code Z, Section 199A information? Section 199A has Net rental real estate income (loss) and Qualified property.

Getting error from Smart Check for Sch K-1 Z- Section 199A Information.   I entered code Z on line 20 of a partnership K-1 schedule and I entered the net income on that line for the section 199A entity, as per the suggestion above.  However,  I am still getting an error from Smart Check, as follows......

"Check this Entry

Sch K-1 Wks-Partnership (the name of our partnership):  Box 20 has been selected but no Section 199A income has been entered on Statement A."

 

I do not understand why I am getting his error.  I entered the income of the partnership.  I do not under how to resolve this?

 

JamesG1
Employee Tax Expert

How do I correctly enter Sch K-1, Box 20, Code Z, Section 199A information? Section 199A has Net rental real estate income (loss) and Qualified property.

Enter IRS form K-1 (1065) information at the screen Enter Box 20 info,

 

  • Select code Z Section 199A information.  Do not enter a value to the right.
  • Click Continue.
  • At the screen We need some information about your 199A income, you will likely enter the following information: 
  •     Ordinary business income (loss) from this business, and/or
  •     Rental income (loss).

 

Enter these values for the Qualified Business Income Deduction to be calculated.

 

Some preparers of the K-1 form will include the Section 199A information on a separate statement called a Statement A.

 

It is possible that additional information may need to be entered.  Click the box to the left to open up entry boxes.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How do I correctly enter Sch K-1, Box 20, Code Z, Section 199A information? Section 199A has Net rental real estate income (loss) and Qualified property.

Thank you! You saved me a lot of frustration! I checked multiple times to make sure I entered the value but I was missing the steps in the page "We need some information about your 199A income." I was so frustrated because I could see there is an amount in the box. Thank you.

Code Z.PNG

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies