K-1 box 20 Z Section 199 A information

Forum|Forum|3 years ago
August 15, 2023
2 replies
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I have read thru several post on this error. my K-1 says for box 20 code Z.. Section 199A information. I have a statement A with my k-1, which has a rental income and section 1231 gain. I am not sure what I need to enter or where I need to enter the information to resolve the error. I have tried to add in the amount on the form, that did not work, I tried to 'quickzoom' to enter code Z Section 199A information, but not sure what to enter in that form since it has already populated information. please advise.

Best answer by Mike9241

the 20Z info has to be enter as provide. But Turbotax does NOT use it directly. Later on, it will ask specific questions about QBI/199A to which the answers are the same as the 20Z info you entered. depending on how the partnership reports there can be these items

1) income

2) ordinary gain from 4797

3) 1231 gain

4) 179 deductions or recapture

5) w-2 wages

6) Unadjusted Basis Immediately after Acquisition or UBIA

7) other deductions

😎 other income

9) REIT dividends

if there is no detail for any of these items other than 1 then it's zero.

depending on version of Turbotax, boxes will be displayed (or need to be checked when you get there. ignore if it's zero) or there will be a dropdown. you reenter the amounts from 20Z

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