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Level 2
posted Apr 13, 2022 7:07:24 AM

Held stock in partnership for three months, then converted to regular corp, box 20- Z shows "0" TT won't accept

My wife bought this stock in a partnership. After three months of ownership, it converted into a "regular" corporation.

 

The K-1 form has codes "V" and "Z" with respective values of "-1" and "0".

 

TurboTax will not accept the ")" without further information, supposedly on a "Statement A" that should have been included with the K-1.

 

There was no Statement A.

 

Not sure what to do here.

 

Can I disregard the code Z?

0 2 649
2 Replies
Level 2
Apr 13, 2022 7:12:26 AM

Looks like I typo'd the "0" for the box 20 Z code.

 

The K-1 came with an instruction page.

It shows guidance for the "V" code in box 20 but nothing for the "Z".

 

Level 9
Apr 13, 2022 10:50:26 AM

There's no need to enter the 20Z $0 value.