I have a K-1 for United States Natural Gas Fund (ticker UNG). When I enter the K-1 data into Turbotax, it generates an error.
In Box 11, I have the following entries:
- Code C, -920
- Code ZZ, 50
In Box 13, I have one entry:
- Code ZZ, 30
When I fill in the entries, I get the following error:
Sch K1 Wks-Partnership (UNITED STATES NATURAL GAS FUND LP) - Sch K-1 Partnership Additional Info 1: Other Deduction fields and other items in this section add up to a total of 50. This total exceeds the Schedule K-1 entry for code(s) W to ZZ of 30. Review and correct your entries.
My K-1 has the following statementL:
Line 11 ZZ: Other income - For individuals, combine the values from lines 11zz and 13zz to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k).
Line 13 ZZ: Other deductions – Trader expenses. For individuals, combine the values from lines 11zz and 13zz to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k)
It looks like Box 13 Code ZZ is 50, and the line 13 code ZZ is 30 (a deduction), so I have a net of non-passive gain of $20. Am I reading this correctly?
If so, is the correct approach to delete the Box 13 code ZZ entry and enter a Box 11 entry of Code ZZ of $20?
Thanks for any guidance you can provide.
