Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
bensway
Level 2

I received my K-1 and the person that prepared it entered STMT in two locations where there should be numbers. This is the first time they have done this and this is the first time I have done my own taxes in years, since my tax man went out of business.

 
1 Best answer

Accepted Solutions
DaveF1006
Employee Tax Expert

I received my K-1 and the person that prepared it entered STMT in two locations where there should be numbers. This is the first time they have done this and this is the first time I have done my own taxes in years, since my tax man went out of business.

Look through all your disclosure statements to see if there is information for you to put into Box 20, if so follow these directions.

 

Here is the order that should appear in your return in Box 20

  1. If there is a Z, select Z in the drop down and leave the $ blank.
  2. Next screen asks about the risk.  indicate you are at risk
  3. Then there will be a screen that appears that says, We see that you have 199A income.Here you have three choices to make.  pick one that is applicable to you.
  4. Next screen will say we need some information about your 199A income. at the very bottom are selections to make supporting the QBI deduction.  These are contained in disclosures statements that came with the K1, usually in Statement A

If you still can't find the Statement, you either need to contact the issuer of your K1 or remove the V in Box 20 and not claim the QBI deduction.  If you don't remove the V and leave Box 20 blank, you will continue to receive that error message.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

5 Replies
JamesG1
Employee Tax Expert

I received my K-1 and the person that prepared it entered STMT in two locations where there should be numbers. This is the first time they have done this and this is the first time I have done my own taxes in years, since my tax man went out of business.

Perhaps we can answer your questions.

 

Is this a K-1

  • For a partnership form 1065,
  • For a shareholder form 1120S, or
  • For a beneficiary form 1041?

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
bensway
Level 2

I received my K-1 and the person that prepared it entered STMT in two locations where there should be numbers. This is the first time they have done this and this is the first time I have done my own taxes in years, since my tax man went out of business.

Form 1065 Partnership

MinhT1
Employee Tax Expert

I received my K-1 and the person that prepared it entered STMT in two locations where there should be numbers. This is the first time they have done this and this is the first time I have done my own taxes in years, since my tax man went out of business.

On your Schedule K-1, STMT means Statement and there should be a statement attached to the K-1 to give the details of the numbers and/or codes to enter in the boxes.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
bensway
Level 2

I received my K-1 and the person that prepared it entered STMT in two locations where there should be numbers. This is the first time they have done this and this is the first time I have done my own taxes in years, since my tax man went out of business.

Thanks, helpful, but I am still working on K-1. At line 20 Turbo Tax is giving me an error message "Box 20 code Z has been selected but no Section 199A income has been entered on Statement A" I can not find a Statement A anywhere, please help.

 

Thank You,

 

Ben Gregg

DaveF1006
Employee Tax Expert

I received my K-1 and the person that prepared it entered STMT in two locations where there should be numbers. This is the first time they have done this and this is the first time I have done my own taxes in years, since my tax man went out of business.

Look through all your disclosure statements to see if there is information for you to put into Box 20, if so follow these directions.

 

Here is the order that should appear in your return in Box 20

  1. If there is a Z, select Z in the drop down and leave the $ blank.
  2. Next screen asks about the risk.  indicate you are at risk
  3. Then there will be a screen that appears that says, We see that you have 199A income.Here you have three choices to make.  pick one that is applicable to you.
  4. Next screen will say we need some information about your 199A income. at the very bottom are selections to make supporting the QBI deduction.  These are contained in disclosures statements that came with the K1, usually in Statement A

If you still can't find the Statement, you either need to contact the issuer of your K1 or remove the V in Box 20 and not claim the QBI deduction.  If you don't remove the V and leave Box 20 blank, you will continue to receive that error message.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v