Form K-1 Box 20 Section 199A Publicly Traded Partnership (PTP) Income in TurboTax 2024

[mrpuddington]

Hi,

Does it make sense that I should enter "Ordinary business income (loss)" twice in TT for form K-1?

Here are the details:

2024 Form K-1 from a master limited partnership provided data for many of the boxes on the form. There is also supplemental information for many boxes; Box 20 supplemental was:

20Z   |   Section 199A Publicly Traded Partnership (PTP) Income   |   (a loss amount)

I entered the above using Step-by-Step on the "Enter Box 20 Info" screen, Code "Z - Section 199A information".

Later in the Step-by-Step, TT tells me because I entered a code Z for Box 20, "We need some information About your 199A Income". Of the options presented by TT, the only one I see that makes sense is "Ordinary business income (loss)", but I already entered that earlier in the Step-by-Step.

Does it make sense that I should enter "Ordinary business income (loss)" twice in TT for form K-1?

[JamesG1]

For IRS Schedule K-1 (1065), at the screen Enter Box 20 info, select code Z Section 199A information.  A value does not have to be entered.

Then click Continue.

At the screen We need some information about your 199A income, click the box to the left of the item to be entered.  An entry box will open.  You will be entering:

• Ordinary business income (loss) from this business,

Enter the value(s) provided by the preparer of the K-1 and attachments for the qualified business income deduction to be calculated.

[mrpuddington]

Thanks JamesG1! I would only add that it would be better if TT included the directions you gave me.