1041 K-1 Box 14 Code Z

[iloverefunds]

I received a K-1 from a 1041.  The K-1 has code I and Z with no amounts for either one, just the letters "STM" meaning there is a statement attached.  I have two statements, Statement A and Statement C.  Statement A is for QBI from a business and lists Ordinary Business Income of $1,000 and UBIA of Qualified Property of $6,000 (using round numbers).  Statement C is for Qualified Coop Payments and shows Ordinary Business Income of $3,000 and Section 199A9g) Deduction of $287.  Those are the only amounts reported on those statements.  I've found where to enter those amounts later on in the K-1 input but towards the beginning of the input, TurboTax has a drop down list for each Box 14 code.  When I select code Z from this drop down list, it then brings me to a section where it would like me to give a description for Code Z and enter the amount for Code Z.  What amount should I use for this?  I can also select Code Z from the drop down on more than 1 line if I need to add more than 1 description or amount for Code Z.

[DavidS127]

When you enter your K-1 into TurboTax, on the screen with box 14 you enter your code I and code Z, but you don't need to enter any amounts on that screen.  Continue on through the interview, and after a couple of screens asking about your qualified business income, you'll come to the screens "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens (see two screenshots later in this post).

Your Statement A amounts will go on the first screen, and your Statement C amounts will go on the second one (uncommon adjustments).  When you select the line with Schedule C on that "uncommon adjustments" line, boxes will "open up" to enter both your Schedule C amounts.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

Here are screenshots for the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1:

[iloverefunds]

Thank you so much for your help on this!  I've included 2 screenshots below.  So on the "Enter Box 14 info" section, you're saying to not enter amounts next to Code I or Z like below in the screenshot?  What about the second screen shot below where it's titled "Box 14 Code Z" and asks for State Income Tax information and asks you to "Enter description and amount of other items in the table below".  Do I leave all that blank as well?

[DavidS127]

Because Form 1041 Schedule K-1 box 14 code Z can be very specific to your particular trust, if you can't find the information in the STM, you will need to call the preparer of the K-1 to get the information you need to complete that Box 14 Code Z screen.

The Form 1041 Schedule K-1 code Z for box 14 is "Other information" with an explanation on the K-1 page 2 "See the beneficiary's instructions". 

According to the first paragraph of the IRS Instructions for Form 1041, Schedule K-1, box 14 code Z ...:

"Code Z. Other information.

If this code is used, the fiduciary will provide you with any additional information you may need to file your return that isn't shown elsewhere on this Schedule K-1."

Those instructions go on for several more paragraphs, so I encourage you to click that link to see if any of that "matches up" with the information on the STM you received with your K-1. 

@iloverefunds

[DavidS127]

Because Form 1041 Schedule K-1 box 14 code Z can be very specific to your particular trust, if you can't find the information in the STM, you will need to call the preparer of the K-1 to get the information you need to complete that Box 14 Code Z screen.

The Form 1041 Schedule K-1 code Z for box 14 is "Other information" with an explanation on the K-1 page 2 "See the beneficiary's instructions". 

According to the first paragraph of the IRS Instructions for Form 1041, Schedule K-1, box 14 code Z ...:

"Code Z. Other information.

If this code is used, the fiduciary will provide you with any additional information you may need to file your return that isn't shown elsewhere on this Schedule K-1."

Those instructions go on for several more paragraphs, so I encourage you to click that link to see if any of that "matches up" with the information on the STM you received with your K-1. 

@iloverefunds