topic K-1 line 20 UBIA entry in Business & farm

K-1 line 20 UBIA entry

Gilgamesch — Wed, 26 Feb 2025 20:23:36 GMT

I would like to know if you are required to enter a UBIA entry on line 20Z in the K-1. I know later on Turbotax asks for that information and I enter the number and just want to know if I am required to enter it both as a line 20Z entry as well as entering it later in the form. Thanks for any advice.

Re: K-1 line 20 UBIA entry

JamesG1 — Wed, 26 Feb 2025 23:27:35 GMT

For an IRS form K-1 (Form 1065) in line 20 report only 'Z - Section 199A information'. No dollar amount is required.

At the screen We need some information about your 199A income, select the box to the left of UBIA of qualified property for this business to report the UBIA dollar amount.

Re: K-1 line 20 UBIA entry

Gilgamesch — Sat, 01 Mar 2025 13:50:55 GMT

If I have 2 199A entries for both income and UBIA do I need to have 2 20Z entries or is one 20Z entry sufficient.

Re: K-1 line 20 UBIA entry

JamesG1 — Sun, 02 Mar 2025 20:09:52 GMT

You have two 199A entries, one for income and one for UBIA.

At the screen Enter Box 20 Info, enter 'Z - Section 199A information'. No dollar amount must be entered.

At the screen We need some information about your 199A income, click the boxes to the left of business income (loss) and UBIA of qualified property.

Enter the business income (loss) and the UBIA of qualified property in the boxes that open.