K-1 line 20 Z, STMT

Forum|Forum|3 years ago
October 10, 2022
3 replies
42 views

Line 20 z with STMT. Statement A instructions: "Section 199k information is entered in Section D1 & D2 of this K-1."

THERE IS NO SECTION D1 & D2 IN THE K-1. There are two entries on the "Statement A...". One is $-191 in Ordinary business income (loss). The other is $509 in UBIA of qualified property. Neither is accepted by Turbo Tax. No additional incite found in "Forms View". Guidance, more that appreciated--this is October.

Anonymous_

Level 15

@Mike9241

JayW-57

Level 2

Is it possible that the 199k is supposed to be 199A? If so, 199A is what the Z selection is for on line 20. When you are on the Enter Box 20 Info page with the Z - Section 199A informaiton selected but no amount in the box, turbotax will ask more about the ordinary income and UBIA regarding 199A income. It happens after other line 20 info is requested then it comes up with We see you have Section 199A income. For me it led to We need some information about your 199A income and then it all made sense as the ordinary income is there and the UBIA amont.

Hope that helps.

Regarding D1 and D2, that's unusual for a K1. Is there possibly some foreign income and they are talking about a K3 associated with the K1?

I'm not feeling super secure about my answer here but just maybe it will help.

Mike9241

Level 15

20Z info is not used by TurboTax. there is a question about the partnership activities being QBI/199A that must be checked yes. then further on in the interview process (step-by-step) you are asked questions about: a) QBI income/loss b) wages, and c) UBIA

possibly you can use the jump to box to get back to entering the k-1 data. if not you need support. enter k-1

Mike9241