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Level 4
posted Mar 12, 2022 9:01:51 PM

How shall I fill box14 of schedule k-1 in turbotax?

in the section of schedule k-1 of  turbotax which request to "enter Box 14 info"

it is said " enter CODE and DOLLAR AMOUNT reported on Box 14 in your schedulek-1"

I have Code "B" followed by dollar amount of 18, I have no issue to fill it in the turbotax , but I  also have Code "I " and "z" followed by "STMT" instead of a dollar amount, How shall I do with them or just skip it?

0 12 3577
12 Replies
Expert Alumni
Mar 13, 2022 8:02:40 AM

Please clarify that you have two codes for Box 14, both "B" and "I-Z". Code Z is typically used with Box 20 and relates to QBI Section 199A. You may need to refer to any supplemental information that accompanied your K-1 for clarification.

Level 4
Mar 13, 2022 9:46:14 AM

In box14

 

Can I fill them In turbotax as following :

Level 4
Mar 13, 2022 10:04:02 AM

I do not have box 20 on my schedule k-1

Level 4
Mar 13, 2022 10:32:07 AM

this is schedulek-1(form1041)

Expert Alumni
Mar 13, 2022 12:35:45 PM

The second (and probably 3rd) page of your K-1 should include the Statements for code I and code Z.  The Statement A(or B or C)—QBI Pass-through Entity Reporting is there for details regarding code I.  There should also be another page for a Statement regarding code Z which is other miscellaneous items.  You need to report all codes for box 14 on your return.  The QBI can give you an additional deduction and the miscellaneous items may mean you need additional forms on your return.

 

@danilol

Level 4
Mar 14, 2022 11:40:21 AM

Thank you very much for your help. I appreciate if you can help to guide me through this.

the attached are the rest of this k-1(1041)

for code I , I found dollar amount 10 for it. I also found dollar amount 18 for code B and dollar amount 776for code E.

I am confused by dollar amount for code Z which has 3 parts, one of them is tax, I do not know whether need to add all 3 parts up or only 2 parts add up and then minus the tax part?

the last STMT  even do not have a code, do I need to fill that in the turbotax page ,too?

Expert Alumni
Mar 14, 2022 1:33:59 PM

You will have 2 entries for box 14 code Z - one for 18 and one for the other Total, 156.  The final page is adding details for the second code Z item reported for your information.

 

@danilol

Level 4
Mar 14, 2022 2:08:57 PM

there are 3 dollar amount for code Z

foreign gross receipts and expenses, box14, code Z         154

AMT foreign Taxes, Box14, code Z      18

AMT foreign gross receipts and expenses, BOX 14, code Z    156

 

You ask me fill box 14 as following

B       18

E        776

H       -13794

I         10

Z        18

Z         156

 

Is this correct?

then where is  Z   154    ?

Thanks

Expert Alumni
Mar 16, 2022 10:10:33 AM

@danilol  The 154 is included in the 156 you entered for code Z.

Level 4
Mar 17, 2022 9:35:16 AM

Hello, thank you for your help.

Could you have a look of the following what I filled on turbotax correct?

Expert Alumni
Mar 20, 2022 9:17:07 AM

Your entries appear to be in line with the information you provided.

 

If you are asked about those entries on a subsequent page, refer to the Supplemental information included with your Schedule K-1 for further assistance.

Level 4
Mar 21, 2022 11:59:51 AM

Thank you.