How to determine Basis for Final K1

[saunderstomr]

In 2022 I invested $40,000 in a startup.  The business lost money every year and I received the  Final K1 in 2024.  The distribution will be in 2025.

Two questions:

How do I calculate the Basis for 2024 for regular and AMT ?

TT asks for a number for Box 20, Code Z but there is more than one?  Which number does TT want?

See data from the K1's below:

L Partners Capital Account Analysis        2022    2023    2024

    Beginning Capital Account        40,000    27,094    17604

    Current Net income              -12,906    -9490    -11,790

    Withdrawals and Distributions                           1,082

    Ending Capital Account            27,094    17,604    4732

2024 k1 Part III

Box 1 Ordinary business income= -8,869

Box 2 Net rental real estate income = 240

Box 9a Net long term capital gain = 2,492

Box 10 Net section 1231 gain = -5,500

Box 13 Other deductions = 1

Box 14 Self employment earnings = 0

Box 17 AMT = 16

Box 18 C =172

Box 19 Distributions = 1082

Box 20 N = 8,869

Box 20 Z see below

Section 199A Information, Box 20, Code Z,     2022    2023    2024

 Ordinary Income                        -12,906    -9670    -8,869

W-2 Wages                               2,647      2,129    1,797

Unadjusted Basis of Assets                30,881    31,277

Note:  no info on Basis for 2024

Thanks for the help

[Mike9241 · Accepted solution]

199A/QBI has nothing to do with your basis. section K on the k-1 is supposed to be on the tax basis so it would seem your tax basis prior to the 2025 distribution is $4732 for regular tax purposes.

over the years the AMT adjustment washes out. positive means that for income tax purposes you had less ordinary loss or more ordinary income over the 3 years - however the offset is more 1231 loss if positive or less 1231 loss if negative over those sane 3 years. so between the ordinary and 1231 over the years there is no effect on tax basis

for 20z enter the loss. Turbotax doesn't use it directly. merely to ask later on for the info about loss, wages and basis of assets