topic Re: Schedule K-1 entries in Get your taxes done using TurboTax

Schedule K-1 entries

toddrub46 — Sat, 22 Feb 2020 23:36:15 GMT

I've entered 199A related info into two separate K-1 forms, and I'm getting an error message that :"Box 20Z has been selected but no Section 199A income has been entered on Statement A". I cannot find a Statement A anywhere.

Re: Schedule K-1 entries

Anonymous_ — Sat, 22 Feb 2020 23:47:28 GMT

@toddrub46 wrote:

I cannot find a Statement A anywhere.

Statement A is what you should have received along with your K-1 (or a similar statement with detail regarding the 199A income). You would enter information from that statement in the section immediately following the K-1 entry.

Re: Schedule K-1 entries

6631 Watson — Mon, 23 Mar 2020 14:31:01 GMT

My note from Turbo is that I have a scedule K1 with no entries. I cant find it. I only have two., and I have added them

Re: Schedule K-1 entries

JohnW222 — Mon, 23 Mar 2020 16:27:07 GMT

You might try deleting and re-inputting the K-1s that you have in the system.

Please see the TurboTax Help article “How do I delete a K-1?” for guidance.

Re: Schedule K-1 entries

BSP7 — Sat, 18 Apr 2020 00:21:55 GMT

Need help with Box 14

A other country

B amount

Re: Schedule K-1 entries

foghorn51 — Thu, 25 Feb 2021 20:19:24 GMT

I don't have an y information to put on schedule K-1. Where can I get it? I didn't have any inheritance in 2020.

Re: Schedule K-1 entries

Irene2805 — Thu, 25 Feb 2021 20:43:27 GMT

If you did not receive a K-1 from an estate in 2020, you can delete the K-1 that may have transferred from last year by following these steps:

TurboTax Online

Click on Federal > Income & Expenses
Under S-corps, Partnerships, and Trusts click on the Start/Revisit box next to Schedule K-1.
On the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to Estate/Trust.
You will see the K-1 Summary screen. Click Delete next to the K-1.

TurboTax CD/Download

Click Federal taxes > Wages & Income
Under Business Investment and Estate/Trust Income click the Start/Update box next to Schedules K-1/Q.
Click Yes on the next screen, Schedules K-1 or Q.
On the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to Estate/Trust.
You will see the K-1 Summary screen. Click Delete next to the K-1.

@foghorn51

Re: Schedule K-1 entries

paults41 — Wed, 07 Apr 2021 17:45:21 GMT

I have a problem with Schedule K-1 From 1065 for Box 16 code B. When I run the smart check it says I need to correct it. I cannot get it cleared. Is there a problem with your software? I have spent hours trying to figure out how what to do.

Regards, Paul Sorgen

Re: Schedule K-1 entries

Irene2805 — Thu, 08 Apr 2021 21:19:06 GMT

Box 16 of a K-1 from a partnership deals with foreign transactions. As you were entering the information on the K-1, did you indicate a country for the source of the income? If the income came from more than one country, you can select Various from the drop down list. See screenshot below.

Re: Schedule K-1 entries

Mon, 02 Aug 2021 08:58:52 GMT

Did it work for you? I had the same problem and it didn't clear the issue even after I pick "Various" as suggested.

Re: Schedule K-1 entries

JayW-57 — Thu, 16 Sep 2021 23:41:37 GMT

Same here, so here's what worked for me.

Go to the forms view (on the view pulldown select Forms)

Find your K-1s in the list of forms, they will have a (Not Done) note on them

Select one.

Scroll down to near bottom of page 2.

You'll see a RED Z under code 20 section.

Double click on the QuickZoom button to the right of where it says **QuickZoom to enter Code Z Section 199A information.

Find the K-1 you are working on in the Open Form pop up box that appears, select it and then select Open Form at the bottom.

I had a value that should be in Passive Income and Loss so after I entered it there, the error went away and so did the (Not Done) note.

Hope your issue is similar.

Re: Schedule K-1 entries

mnfish — Sat, 08 Jan 2022 14:02:32 GMT

I have sold an MLP in 2021 that I have held since 2015. I didn't start using Turbo Tax until the 2019 tax year.

Can I enter older K-1 information into Turbo Tax so that any passive losses from previous years are recorded? Previously I had an accounting firm do my taxes.

Re: Schedule K-1 entries

ThomasM125 — Mon, 10 Jan 2022 21:35:51 GMT

@mnfish You can't enter prior year K-1 information as such, but you will be given a chance to enter your passive loss carryover information from the previous year (box 1 ordinary income, box 2a ordinary income, section 179, unreimbursed expenses, capital loss carryovers, etc...)

You will see this option after you enter in the information reported on your K-1 boxes for the current year.