It depends. You need to provide details about your Code Z transaction. To provide the details, you need to look at your supplementary statement that came with your K1. Here's how to edit.
- Log into Turbo Tax if using Turbo Tax Online
- Go to federal>wages and income>S-corps, Partnerships, and Trusts>show more
- Schedule K1>revisit
- Select update next to Partnerships/LLC's(form 1065)
- Select edit next to the K1
- Continue through the next couple of screens until you get to a screen that says Enter Box 20 Info. Press Continue
- When you get to Box 20, enter the Z code from the drop-down but leave the amount blank. Press Continue
- Make sure you select your information is at risk when you reach that screen
- The next few screens will ask you specific information about your 199A income. All this information should be on the disclosure statement that came with your K-1.
- Note: if you are using Turbo Tax software, you can select quick zoom at the bottom of the page where you entered Code Z in Box 20. That will also allow you to enter information from the disclosure statement
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