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?
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
Forget it....keeps coming up with the stupid 'product key removed' line
yup. not working. I used the website search to see if something related would come up, but noting like that comes up.
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*.
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 STMT. You'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: