First determine if there are entries for multiple boxes 1, 2 or 3. If you see figures in more than one of these boxes, you will need to prepare separate K-1s for Turbo Tax to complete without an error message.
Using the Step by Step Turbo Tax method, complete all boxes except for box 20Z. As you step though the interview, do not enter a value for box 20Z. Click Continue, and you will be brought to a breakdown for box 20Z. It is here that you provide the breakdown for all box 20Z entries, as provided by supplemental information along with you K-1 form from your LLC provider. If you do it this way, you should not encounter the Turbo Tax error message about not providing income for box 20Z.
If you do not have income in tax year 2020, you will not get any benefit this year, but you will be able to complete your 2020 taxes (federal and state), without encountering a Turbo Tax error message.
If you do not have income, Turbo Tax will carry over the amounts entered till the following year where when you sell your position, it will make the appropriate adjustments.
