Box 20 code Z is used to calculate your allowable Qualified Business Income Deduction. You do not want an override, you want to enter the information as it is shown on your Statement included with your K-1 so you can possibly get an additional deduction. You need to go through the K-1 entry and the questions that come up on the screens after you enter box 20 code Z with the information.
To correct your K-1 line 20 error and your QBI income information in TurboTax Desktop you can follow these steps:
- Within your tax return click on the Federal Taxes tab and Wages & Income then I'll choose what I work on
- Scroll down to Schedules K-1, Q and click Update
- Answer Yes and click Update for Partnerships/LLCs (Form 1065)
- Click Edit for the K-1 you need to correct
- Verify your answers and Continue through the questions until you get to the Enter Box 20 Info screen
- For the code Z line enter the amount in box 20 code Z from your K-1 (leave this blank if your amount shows *STMT)
- Verify your answers and Continue until the We need some information about your 199A income
- Enter the information as it shows on your Statement A Section 199A Information that you received with your Schedule K-1 completely
- Continue until you get to the Partnership/LLC Summary screen and click Done
- Proceed entering/reviewing your return.
@bradc-taxq
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
