Turbo Tax Schedule K-1 Box 20 Code Z errors

I have followed suggestions from Tax Experts and revisit Schedule K-1 section, and answered that the K-1 is for QBI - UBIA of qualified property with the value of $1,382. And it is still giving me the error.

I also tried leaving BOX 20 blank and add in an extra code, say, L and put in a zero amount.

Nothing works. It appears there is a bug with this new addition of Section 199A.

1212

Expert Alumni

Mar 27, 2024 10:04:39 AM

In TurboTax Desktop Home and Business, enter IRS form K-1 (1065) information at the screen Enter Box 20 info,

Select code Z Section 199A information. Do not enter a value to the right.
Click Continue.
At the screen We need some information about your 199A income, you may enter the following information:
Ordinary business income (loss) from this business, and/or
Rental income (loss).
W-2 wages
UBIA of qualifying property.

Enter these values for the Qualified Business Income Deduction to be calculated.

Some preparers of the K-1 form will include the Section 199A information on a separate statement called a Statement A.

It is possible that additional information may need to be entered. Click the box to the left to open up entry boxes.

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Turbo Tax Schedule K-1 Box 20 Code Z errors