K1 all zeros

[wth21]

I received a K1 from Enterprise Products Partners L. P. I believe this was a new partnership in 2021.

This K1 has many entries, but they are all zeros, except for the capital account.  I seem to be stuck in a do loop I think at 20 Z1 and or 20AH, the zeros there keep cycling me back through the K1 when Turbo Tax does its check at the end.

Can I ignore these and just not enter them since the entries are all zeros? Are some important and others not?

[DianeW777]

Yes, you can ignore zero entries if there is not a statement provided with information about those boxes. For example, the Code Z represents the Section 199A deduction (qualified business income deduction or QBID).  This information is usually provided on a separate statement due to the different pieces of information that are required to accompany it. 

Another indicator would be an asterisk (*) beside the zero.  Double check all information received with your 1065-K1 before you decide that 'zero' is the correct entry. 

There is no need to make entries that are zero.  Any line on the K-1 that is zero does not require you to put an entry for tax purposes.  The point is to report the income, allowable deductions and credits.

Once you remove this entries, you should be able to continue to complete your tax return without this experience.

[wth21]

Thanks for the reply. 

Here is where I get into a problem. In block 20, I have letters A, N and V with zero shown, I also have an * with STMT shown. I go to the Supplemental Information Schedule and have all the following: 20Z1, 20AB, 20AE,

20AF, 20AG, 20AH1, 20AH2, 20AH3 and 20AH5. There is a description for each and each a zero as the entry.

You answer seems to imply that I should enter all of the above but the zero entry in 20Z1 gets me in the do loop.

I erased my original entry and will try again. Any further guidance?

[DianeW777]

If the amounts on the supplemental statement are all zeros then you do not need to make those entries.  Remove all zeros by using the delete key in each space for any entry where you entered a zero.  Close your TurboTax account then take the following action.

Next, clear all cookies and cache because computers remember pieces of information we thought we removed.

• How to clear your cache

Once completed open your TurboTax account to see if the looping has stopped.  You may not need to go into the K-1 entry again.

If you continue to have this experience you can call TurboTax at 800-446-8848 and schedule a callback from us if no one is available immediately.  Also and possibly more conveniently you can use our online page by selecting the link below.

• Contact Us

[wth21]

Here is what worked in the end. I upgraded to Premier and imported a .txf file from the issurer. 

The txf file had line 16d of the K-1 unchecked. The original K-1had line 16 with a check mark. My guess is that if I had shown line 16 as unchecked it would have worked without the upgrade.