Hello and thanks for joining us mlemaire87!
To add multiple passthrough entities for your K-1, Box 20, code Z 199 info you will have to enter multiple K-1's for the single K-1 you actually received. You will first enter the initial K-1, which will include all the box 1-20 amounts related to that main partnership. You will then need to add an additional K-1 for each additional pass through entity that you need to enter the Box 20, Code Z, 199 info for.
- For each additional K-1, you must use the same identifying information as used on the initial K-1 (e.g., name of partnership, address, EIN, etc) when you begin the K-1 entry.
- As you enter each K-1, TurboTax will prompt you with the question "Is the business that produced the Section 199-A income a distinct business that is owned by the partnership?" TurboTax is asking if the Section 199-A income was passed through to the partnership sending you the K-1 by another partnership, S-Corp, or trust; versus being generated by the business operations of the partnership that sent you the K-1.
- Keep in mind, that on the initial K-1, you will need to answer that it is from the partnership, and on the additional K-1's, you will enter that it is from the pass-through entity. TurboTax will ask for the name and EIN of each pass-through entity at that point.
Also worth noting, that when you enter the code Z on the box 20 screen, you do not enter an amount on that screen., instead Continue on, until you see the screen "We need some more information about your 199A income or loss".
For more information on K-1's see:
Please feel free to reach backout with any additional questions or concerns you might have!
Have an amazing rest of your day!
Terri Lynn, EA
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Terri Lynn
