Using the step by step Turbo Tax method, make sure that you have check box 20 information to input earlier in the interview entering K-1 information. As you step though entering the other box information, when you get to box 20Z, leave it blank. Continue stepping through the interview using continue, until you get to the screen asking you to enter the details for box 20Z. At this point enter all of the supplemental information for box 20 provided along with you K-1 schedule information. If you do not have any income in the previous boxes, it will not provide any deduction for year 2020, but will carry forward to future year taxes, and any adjustment due with you finally sell your holdings. More important, it will allow you to complete this year's taxes (Federal and State) without a Turbo Tax error message.
Should you see more than one figure in boxes 1, 2 or 3 on you K-1 form, you will need to split it up onto multiple K-1 forms for Turbo Tax to complete without an error message. This years Turbo Tax asks this question about multiple information in boxes 1,2 or 3 earlier on in the interview for K-1 entries.
