topic K-1 Box 20 Z "STMT" How to enter in turbotax. Is this QBI? in Get your taxes done using TurboTax

K-1 Box 20 Z "STMT" How to enter in turbotax. Is this QBI?

KasparTheGhost — Tue, 06 Oct 2020 16:28:18 GMT

I am a single member LLC. I received a K-1 (1065) for rental income that I own 25% . On the K-1 in Box 20 it says Z "STMT".

On the statement it says - Section 199A Box 20 Code Z

Description:

Rental Income - $4353

Unadjusted Basis of Assets - $89504

What do I enter in TurboTax K-1 box 20?

Lastly is this income QBI because it is reported in box 20 as "Z"?

Thank you for any input.

Re: K-1 Box 20 Z "STMT" How to enter in turbotax. Is this QBI?

Anonymous — Tue, 06 Oct 2020 17:33:11 GMT

don't bother with box 20 on the k-1 input. the info goes nowhere. there is a section D1 on the input form where you enter the income and asset # - UBIA (the section says shareholder but it should also say partner/member).

also review section D2 to see if there's anything that applies.

Re: K-1 Box 20 Z "STMT" How to enter in turbotax. Is this QBI?

KasparTheGhost — Tue, 06 Oct 2020 18:10:50 GMT

I'm sorry I'm missing something. I dont see D1 or D2 on the K-1 form.