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NS1
Level 3

K-1 Supplemental Information sheet with empty amounts?

I am using TurboTax Business to prepare this years taxes for my LLC with 2 members. When I print out the Federal return (return pages only), I see the following supplemental sheets after each member's Schedule K-1 (see screenshot below). My guess is, this is somehow related to the Schedule K-1 box 20, which shows code Z* STMT. The amount column is empty, however, so what could possibly be the purpose of this? I don't understand what this is for, and why the amounts are empty.

 

Does this look correct as is, or do I need to manually enter information somewhere? 

 

Screen Shot 2020-04-05 at 18.45.42.png

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9 Replies
bobotax2020
Returning Member

K-1 Supplemental Information sheet with empty amounts?

Read the info at this link........

NS1
Level 3

K-1 Supplemental Information sheet with empty amounts?

hmm that link is broken, shows "404: Page not found"

bobotax2020
Returning Member

K-1 Supplemental Information sheet with empty amounts?

bobotax2020
Returning Member

K-1 Supplemental Information sheet with empty amounts?

Stupid thing won't let me post a link

bobotax2020
Returning Member

K-1 Supplemental Information sheet with empty amounts?

https://www.accountingtoday.com/

 

/opinion/avoiding-penalties-related-to-new-tax-cap[product key removed]rements-for-partnerships

 

So go to the link and copy and paste the line above into the url

bobotax2020
Returning Member

K-1 Supplemental Information sheet with empty amounts?

Forget it....keeps coming up with the stupid 'product key removed' line

NS1
Level 3

K-1 Supplemental Information sheet with empty amounts?

yup. not working. I used the website search to see if something related would come up, but noting like that comes up.

NS1
Level 3

K-1 Supplemental Information sheet with empty amounts?

I was able to get to the article ( https://bit.ly/2RcuOPm ), however, I don't think it answers my question / concern. The article is about K-1 Line 20 with Code AH. We do not have code AH, and we do not need it as our reported capital in item L is tax based, ind is not negative. We only have code Z*.

 

DavidS127
Expert Alumni

K-1 Supplemental Information sheet with empty amounts?

If you have a box 20 with code Z, you should have a Statement or STMT with Section 199A information. 

 

When you enter the code Z for box 20, hit Continue.  After answering a few questions about your qualified business income (QBI), you come across two screens to enter the amounts from you Statement or STMTYou'll need to put the information from that Statement/STMT into the categories shown in the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens (see two screenshots later in this post). The amounts in the Statement for box 20 code Z should fit in one of the categories on those two screens.

 

Note that the codes changed between 2018 and 2019, so references to a 2018 K-1 may not be valid.

 

Here are the screens you are looking for to enter the box 20 code Z Statement/STMT amounts:

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