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In my Federal review it says I have not entered an amount from a K-1code . I have entered the number for code 20z. How do I correct.

in the review it post 7 rather than 20z.
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3 Replies
JamesG1
Expert Alumni

In my Federal review it says I have not entered an amount from a K-1code . I have entered the number for code 20z. How do I correct.

You refer to 'post 7'?  Please clarify.

 

Does your partnership K-1 report Section 199-A income on line 20 code Z?  Does the software wants you to enter the information that will compute the qualified business income deduction?

 

To enter partnership income from a K-1, follow these directions.

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & Income.
  • Scroll down to S-corps, Partnerships and Trusts and click Show more to the right.
  • Click Start / Revisit to the right of Schedule K-1.
  • Click Start / Update to the right of Partnerships/LLC.
  • Click through the screens until you reach Enter Box 20 Info.
  • At the screen Enter Box 20 Info, select Z-Section 199A information.  Leave Amount empty.  This tells the software that Section 199A information will need to be entered for the income previously reported.  Click Continue.
  • At the screen We see you have Section 199A income, select the appropriate income description.  Click How would I know this? for more information.
  • At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1.  
  • In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property.  The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.

@maxcorrell49-gma 

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In my Federal review it says I have not entered an amount from a K-1code . I have entered the number for code 20z. How do I correct.

Change the Z to AH.  TurboTax does not like the Z

AliciaP1
Expert Alumni

In my Federal review it says I have not entered an amount from a K-1code . I have entered the number for code 20z. How do I correct.

You need to report your Schedule K-1 as it appears on the form, meaning, if you have code 20Z enter the 20Z then progress through the interview process in TurboTax.  The next screens will ask you about your Section 199A Qualified Business Income to determine if you qualify for the deduction.  If you change the code, you could be instigating contact from the IRS, because your return doesn't include the expected deduction.  Code AH is informational only.

 

@taxlady28  

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