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EKIN
Level 2

K-1 box 1 and 2 box 20 Z (199A) but in 2023 one of passthrough isn't listed anymore. what to do?

I found multiple posting regard to filling out box 20's Z (199A)  but my question what happen if the passthrough LLC isn't listed the following year?   

 

In 2022 I enter 1 K-1 per passthrough LLC ( 199A).  There were  5 passthrough LLC, call it A LLC,  B LLC,  C LLC, D LLC and E LLC for example.    But in 2023 tax filing  D LLC  passthrough was not list section 199A.    It was nice of TT to remind me I entered D LLC.   But do I just delete the D LLC K-1 entry for 2023?   Or entered  0 or mark K1 as closed?    I actually don't know if D LLC is closed just it was not list as one of passthrough anymore.

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1 Reply

K-1 box 1 and 2 box 20 Z (199A) but in 2023 one of passthrough isn't listed anymore. what to do?

is there nothing in a cover letter or supplemental schedule or statement that mentions what to do with D?  this is unusual because unless the tax basis was zero, there should be some effect on the k-1 and schedule L in part II.

If not, you need to contact the partnership so that D is handled properly for your taxes. There is the possibility that D was merged into one of the others so any carryover info would have to be transferred to the acquiring company's k-1. it might have been sold off and the k-1 reflects this. there are other possibilities each with a different tax outcome for you. post back in this thread if you need further guidance and include what you were told about D. 

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