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Retirement tax questions
Code Z in Box 20 indicates that there is a statement with additional information. See the statement on your K-1 for the Section 199A information. Then return to the K-1 entry section of TurboTax, and select Edit.
Go back through this entry area. After you select Done you should see a screen that reads "We see you have Section 199A Income". It will look like this:
You will most likely select the first option here. You will then see additional screens to help you enter information from the statement that should accompany your K-1 and provide this detail. The detail typically includes items such as Business income, W-2 wages, and/or "UBIA" (Unadjusted Basis Immediately After Acquisition) of property.
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‎April 7, 2024
4:41 PM