K-1 box 20Z where should I enter unadjusted basis of assets

[Mydearman]

Where should I enter unadjusted basis of assets?  To which form will the information flow?

[Andrew_W]

When entering a K-1 (1065/partnership) with Box 20 Code Z indicated, TurboTax will prompt for additional information regarding the Section 199A income.

After indicating that the K-1 has information for Box 20 Code Z, the following screens will appear:

• We see you have Section 199A income
• We need some information about your 199A income

You can enter unadjusted basis under the UBIA of qualified property option.

The K-1 you received will likely have a supplemental attachment (known as Schedule A), you will want to enter information from this form in the interview screens indicated above.

[Mydearman]

Can't find the UBIA of qualified property on Premier as instructed.

[Andrew_W]

Here are screenshots of the steps for reference (beginning from the Box 20 entry screen):

Note - These are screenshots of TurboTax Desktop, TurboTax Online will appear slightly different, but with the same information/entry options.

1.) Enter the Box 20 Code: 

2.) Mark any relevant scenarios:

3.) Indicate the source of the 199A income:

4.) The UBIA option appears (be sure to select the checkbox for the entry form to appear):

[Mydearman]

Thanks.  So, I should leave Box 20Z blank without input any amount?

[Andrew_W]

If your K-1 says "Statement" or "STMT" instead of a number for Box 20 Code Z, then yes, leave blank. If it has a number instead, enter the number. The additional entry screens for 199A income will open either way, as long as Box 20 has a Code Z indicated.

[Mydearman]

Is PTP subject to QBIA?  When I deleted the number on Box 20Z for PTP the QBIA did not show up but others did.

[Andrew_W]

Per IRS regulations and the Internal Revenue Code:  "A PTP is not required to determine or report W-2 wages or the UBIA of qualified property attributable to trades or businesses it is engaged in directly."

Due to this, the UBIA is not applicable and TurboTax does not ask for it in this workflow if the partnership is a Publicly Traded Partnership (PTP).