topic Schedule K-1 Box 20 code z Section 199A Income in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/schedule-k-1-box-20-code-z-section-199a-income/01/1672747#M593742 <P>Hi,</P><P>&nbsp;</P><P>I received a K-1 and Box 20 code Z&nbsp; says "SEE STMT"</P><P>&nbsp;</P><P>TT is asking to enter information from Statement A.&nbsp; I only received a section called Additional Footnote Information.&nbsp;&nbsp;</P><P>&nbsp;</P><P>The footnote includes the following:</P><P>&nbsp;</P><P><U><STRONG>Box 20, CodeZ: Section 199A Income</STRONG></U></P><P>-------------------------------------------------------</P><P>ACTIVITY*&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amount</P><P>-------------------------------------------------------</P><P>Leasing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P>Financing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P><STRONG>Section&nbsp; 199A Income Total&nbsp; &nbsp; &nbsp; &nbsp;$xx</STRONG></P><P>&nbsp;</P><P>*All activities are qualified trade or business ("QTB")</P><P>&nbsp;</P><P>Question: How do I enter this into TT?&nbsp; Is this "Other Income (Loss)"?</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P><P>&nbsp;</P> Sun, 12 Jul 2020 20:10:33 GMT tahtx 2020-07-12T20:10:33Z Schedule K-1 Box 20 code z Section 199A Income https://ttlc.intuit.com/community/taxes/discussion/schedule-k-1-box-20-code-z-section-199a-income/01/1672747#M593742 <P>Hi,</P><P>&nbsp;</P><P>I received a K-1 and Box 20 code Z&nbsp; says "SEE STMT"</P><P>&nbsp;</P><P>TT is asking to enter information from Statement A.&nbsp; I only received a section called Additional Footnote Information.&nbsp;&nbsp;</P><P>&nbsp;</P><P>The footnote includes the following:</P><P>&nbsp;</P><P><U><STRONG>Box 20, CodeZ: Section 199A Income</STRONG></U></P><P>-------------------------------------------------------</P><P>ACTIVITY*&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amount</P><P>-------------------------------------------------------</P><P>Leasing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P>Financing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P><STRONG>Section&nbsp; 199A Income Total&nbsp; &nbsp; &nbsp; &nbsp;$xx</STRONG></P><P>&nbsp;</P><P>*All activities are qualified trade or business ("QTB")</P><P>&nbsp;</P><P>Question: How do I enter this into TT?&nbsp; Is this "Other Income (Loss)"?</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P><P>&nbsp;</P> Sun, 12 Jul 2020 20:10:33 GMT https://ttlc.intuit.com/community/taxes/discussion/schedule-k-1-box-20-code-z-section-199a-income/01/1672747#M593742 tahtx 2020-07-12T20:10:33Z Re: Schedule K-1 Box 20 code z Section 199A Income https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1673032#M593843 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The questions you will need to resolve before you enter these amounts are: i)&nbsp;how this "Leasing" and "Financing" income correlates to the box 1, box 2, or box 3 income being reported on your K-1; and, ii) whether all the income was generated by the partnership that sent you the K-1, or if instead any of the Section 199A income was received by the partnership <EM>from another entity</EM>.&nbsp; </SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The reason those questions are important are because if you get a K-1 with an amounts in multiple 1, 2, and 3 boxes (e.g., box 1 and box 2, or box 1 and box 3, or box 2 and box 3) you will need to enter separate K-1 forms for each box 1, 2, or 3 amount on your K-1.&nbsp; And, that separate K-1 must have&nbsp;the portion of the other box 4-20 amounts that "go with" the box 1, box 2, or box 3 amount that is being entered on that separate K-1.&nbsp; And, if the Section 199A amounts are "passed through" from another entity, there will also need to be a separate K-1 for each entity (e.g., one for the "main" partnership and one for the "passthrough" entity).</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Once you get all that sorted, here is how to enter your box 20 code Z amounts on each K-1 you must enter for the single K-1 you received:</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Enter your code Z on the "box 20 screen".&nbsp; You don't need to enter an amount on that box 20 screen, <STRONG><EM>but you do need to click</EM></STRONG>&nbsp;<STRONG>Continue </STRONG>after you have entered the code Z.&nbsp;&nbsp;&nbsp;The next screen is&nbsp;"<STRONG>Describe the Partnership</STRONG>" and the next screen is "<STRONG>We see you have Section 199A income</STRONG>" and <EM>then</EM> you should get "<STRONG>We need some information about your 199A income</STRONG>", followed by "<STRONG>Let's check for some uncommon adjustments</STRONG>".&nbsp; &nbsp;If you get to those last two screens, when you check the box on a line, other boxes will "open up" to enter the amounts from your Section 199A Statement/STMT.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">Note that&nbsp;Unadjusted Basis of Assets amount goes on the "<STRONG>....has UBIA of qualified property"</STRONG> line.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">To get back to the K-1 summary screen and find the Schedule K-1 to edit, click&nbsp;the "magnifying glass&nbsp;<STRONG>Search</STRONG>" icon on the top row, enter "<STRONG>k-1</STRONG>" in the search window and press return or enter, and then click on the "<STRONG>Jump to k-1</STRONG>" link to find the K-1 you need to edit (or to enter an additional K-1 if needed).</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Here are screenshots of the "We need some information about your 199A income or loss" and&nbsp;"Let's check for some uncommon adjustments"&nbsp;screens where you enter the information from your K-1 Section 199A Statement/STMT:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/99b47cc9-8367-43f2-976e-ed3bbaf2bd55.default.png" /></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/8115a143-7e7e-40a2-a420-00ec2b92927d.default.png" /></SPAN></SPAN></P> Sun, 12 Jul 2020 21:13:12 GMT https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1673032#M593843 DavidS127 2020-07-12T21:13:12Z Re: Schedule K-1 Box 20 code z Section 199A Income https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1683357#M598341 <P>My K-1 question "We need some information about your 199A income"&nbsp; It does not have the option for the Net Rental Real Estate Income.&nbsp;</P> Wed, 15 Jul 2020 01:25:16 GMT https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1683357#M598341 PM1968 2020-07-15T01:25:16Z Re: Schedule K-1 Box 20 code z Section 199A Income https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1721257#M611448 <P>Thank you. The information you provided is helpful to me too. One follow-up question... In my Statement A I have information from 3 different pass-through entities. When I select "The income comes from another business" TT asks for the business name and the information from the Statement A, but it only allows me to enter one business and I have three. How do I enter all three? Thanks</P> Wed, 16 Sep 2020 19:56:44 GMT https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1721257#M611448 samzandt 2020-09-16T19:56:44Z
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topic Schedule K-1 Box 20 code z Section 199A Income in Get your taxes done using TurboTax
</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/schedule-k-1-box-20-code-z-section-199a-income/01/1672747#M593742
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<description>
<P>Hi,</P><P>&nbsp;</P><P>I received a K-1 and Box 20 code Z&nbsp; says "SEE STMT"</P><P>&nbsp;</P><P>TT is asking to enter information from Statement A.&nbsp; I only received a section called Additional Footnote Information.&nbsp;&nbsp;</P><P>&nbsp;</P><P>The footnote includes the following:</P><P>&nbsp;</P><P><U><STRONG>Box 20, CodeZ: Section 199A Income</STRONG></U></P><P>-------------------------------------------------------</P><P>ACTIVITY*&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amount</P><P>-------------------------------------------------------</P><P>Leasing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P>Financing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P><STRONG>Section&nbsp; 199A Income Total&nbsp; &nbsp; &nbsp; &nbsp;$xx</STRONG></P><P>&nbsp;</P><P>*All activities are qualified trade or business ("QTB")</P><P>&nbsp;</P><P>Question: How do I enter this into TT?&nbsp; Is this "Other Income (Loss)"?</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P><P>&nbsp;</P>
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<dc:date>2020-07-12T20:10:33Z</dc:date>
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<title>Schedule K-1 Box 20 code z Section 199A Income</title>
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https://ttlc.intuit.com/community/taxes/discussion/schedule-k-1-box-20-code-z-section-199a-income/01/1672747#M593742
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<P>Hi,</P><P>&nbsp;</P><P>I received a K-1 and Box 20 code Z&nbsp; says "SEE STMT"</P><P>&nbsp;</P><P>TT is asking to enter information from Statement A.&nbsp; I only received a section called Additional Footnote Information.&nbsp;&nbsp;</P><P>&nbsp;</P><P>The footnote includes the following:</P><P>&nbsp;</P><P><U><STRONG>Box 20, CodeZ: Section 199A Income</STRONG></U></P><P>-------------------------------------------------------</P><P>ACTIVITY*&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amount</P><P>-------------------------------------------------------</P><P>Leasing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P>Financing&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$xx</P><P><STRONG>Section&nbsp; 199A Income Total&nbsp; &nbsp; &nbsp; &nbsp;$xx</STRONG></P><P>&nbsp;</P><P>*All activities are qualified trade or business ("QTB")</P><P>&nbsp;</P><P>Question: How do I enter this into TT?&nbsp; Is this "Other Income (Loss)"?</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P><P>&nbsp;</P>
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<pubDate>Sun, 12 Jul 2020 20:10:33 GMT</pubDate>
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https://ttlc.intuit.com/community/taxes/discussion/schedule-k-1-box-20-code-z-section-199a-income/01/1672747#M593742
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<dc:creator>tahtx</dc:creator>
<dc:date>2020-07-12T20:10:33Z</dc:date>
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<title>Re: Schedule K-1 Box 20 code z Section 199A Income</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1673032#M593843
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<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The questions you will need to resolve before you enter these amounts are: i)&nbsp;how this "Leasing" and "Financing" income correlates to the box 1, box 2, or box 3 income being reported on your K-1; and, ii) whether all the income was generated by the partnership that sent you the K-1, or if instead any of the Section 199A income was received by the partnership <EM>from another entity</EM>.&nbsp; </SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The reason those questions are important are because if you get a K-1 with an amounts in multiple 1, 2, and 3 boxes (e.g., box 1 and box 2, or box 1 and box 3, or box 2 and box 3) you will need to enter separate K-1 forms for each box 1, 2, or 3 amount on your K-1.&nbsp; And, that separate K-1 must have&nbsp;the portion of the other box 4-20 amounts that "go with" the box 1, box 2, or box 3 amount that is being entered on that separate K-1.&nbsp; And, if the Section 199A amounts are "passed through" from another entity, there will also need to be a separate K-1 for each entity (e.g., one for the "main" partnership and one for the "passthrough" entity).</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Once you get all that sorted, here is how to enter your box 20 code Z amounts on each K-1 you must enter for the single K-1 you received:</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Enter your code Z on the "box 20 screen".&nbsp; You don't need to enter an amount on that box 20 screen, <STRONG><EM>but you do need to click</EM></STRONG>&nbsp;<STRONG>Continue </STRONG>after you have entered the code Z.&nbsp;&nbsp;&nbsp;The next screen is&nbsp;"<STRONG>Describe the Partnership</STRONG>" and the next screen is "<STRONG>We see you have Section 199A income</STRONG>" and <EM>then</EM> you should get "<STRONG>We need some information about your 199A income</STRONG>", followed by "<STRONG>Let's check for some uncommon adjustments</STRONG>".&nbsp; &nbsp;If you get to those last two screens, when you check the box on a line, other boxes will "open up" to enter the amounts from your Section 199A Statement/STMT.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">Note that&nbsp;Unadjusted Basis of Assets amount goes on the "<STRONG>....has UBIA of qualified property"</STRONG> line.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">To get back to the K-1 summary screen and find the Schedule K-1 to edit, click&nbsp;the "magnifying glass&nbsp;<STRONG>Search</STRONG>" icon on the top row, enter "<STRONG>k-1</STRONG>" in the search window and press return or enter, and then click on the "<STRONG>Jump to k-1</STRONG>" link to find the K-1 you need to edit (or to enter an additional K-1 if needed).</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Here are screenshots of the "We need some information about your 199A income or loss" and&nbsp;"Let's check for some uncommon adjustments"&nbsp;screens where you enter the information from your K-1 Section 199A Statement/STMT:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/99b47cc9-8367-43f2-976e-ed3bbaf2bd55.default.png" /></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/8115a143-7e7e-40a2-a420-00ec2b92927d.default.png" /></SPAN></SPAN></P>
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<pubDate>Sun, 12 Jul 2020 21:13:12 GMT</pubDate>
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<dc:creator>DavidS127</dc:creator>
<dc:date>2020-07-12T21:13:12Z</dc:date>
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<title>Re: Schedule K-1 Box 20 code z Section 199A Income</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1683357#M598341
</link>
<description>
<P>My K-1 question "We need some information about your 199A income"&nbsp; It does not have the option for the Net Rental Real Estate Income.&nbsp;</P>
</description>
<pubDate>Wed, 15 Jul 2020 01:25:16 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1683357#M598341
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<dc:creator>PM1968</dc:creator>
<dc:date>2020-07-15T01:25:16Z</dc:date>
</item>
<item>
<title>Re: Schedule K-1 Box 20 code z Section 199A Income</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1721257#M611448
</link>
<description>
<P>Thank you. The information you provided is helpful to me too. One follow-up question... In my Statement A I have information from 3 different pass-through entities. When I select "The income comes from another business" TT asks for the business name and the information from the Statement A, but it only allows me to enter one business and I have three. How do I enter all three? Thanks</P>
</description>
<pubDate>Wed, 16 Sep 2020 19:56:44 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/re-schedule-k-1-box-20-code-z-section-199a-income/01/1721257#M611448
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<dc:creator>samzandt</dc:creator>
<dc:date>2020-09-16T19:56:44Z</dc:date>
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