I am using TT Business 2023 Desktop and I am trying to enter a K1 my business has received. The K1 includes Code Z in Section 20 (Other Information). When I get to the 'Enter Box 20 Information' screen in TT, under the 'Select Code' drop down list, Code Z is nowhere to be found. It shows all other codes (from A to Y and then AA to ZZ) but 'Z - Sec 199A Information' is missing. This was of course there last year in TT Business 2022 Desktop and it's in 'Schedule 1 Boxes and Codes' of the 2023 K1 I received from the tax accountant that produced the K1 so it appears that there is a bug in TT Business 2023 Desktop?
The K-1forms are not available yet for 1065 Partnership returns. Please check back after 2/21 to see if the update has been made.
Sounds good, thank you. I thought those were for producing K1s out of TT, not entering K1s I received from someone else. Hopefully both sides will be addressed with the new release.
The latest update to TT Business 2023 Desktop came out tonight (2/23) and it still has not corrected the bug. Any idea where I can report software bugs? I called the number provided on the website for TT Business 2023 Desktop support on 2/19 and they were as clueless as can be - suggested I join the community to get this resolved. At this point, time is ticking and without a patch to correct the issue, I am dead in the water. The phone support team certainly was unable to help and while I was hoping that the patch that came out today would resolve the issue, it did not... If I had to guess, the software team does not even know of this issue -someone needs to bring it to their attention.
When entering a K-1 from a partnership on the partnership return (form 1065) please return to the page in TurboTax which reads "Identify Boxes That Have a Value" and check the box "Section B1 (Qualified Business Income Deduction)". This will take you to where you can enter the details from the statement that should accompany your Box 20 code Z information so that it will flow properly on the tax return.
The Code Z will not be on this worksheet, either, rather this is where you will enter the shares of QBI or PTP items subject to partner specific determinations. You should see entry areas/lines that match your Statement A.
Thanks for the response. I had received an earlier response indicating that the issue was replicated and reported to the technical support team. Should I expect a patch will be released to allow for Code Z to show up in the drop down list of Box 20? Or are you saying that will not happen and I should use the Section B1 checkbox to enter whatever information I have and enter nothing under Code Z in Box 20? Again, last year, I was able to select Code Z when I entered the K1.
We are not expecting the experience to change before the filing deadline. Please use the Section B1 code found at the bottom of the Box 20 code list to report QBI information from the Schedule K-1.
Your entries will be reported on the correct form, but you will need to allocate the amounts manually to enter on the Supplemental Statement A for each partner.
Note that the IRS made significant changes to the coding on Schedule K-1, which is why the entry process has changed in TurboTax.