K-1 Statement A

Forum|Forum|5 years ago
April 27, 2021
2 replies
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I just got my k-1 form 1065. Box 20 code Z. on statement A: it shows: Ordinary business income loss with negative number, then UBIA of qualified property . How to report these in turbob tax?

Thanks!

ThomasM125

Level 15

When you enter your K-1 schedule (Business Investment and Estate/Trust Income section), you will put a check mark in the box 20 option. When you get to the box 20 entries, you will choose Code Z - Section 199A information and enter the the business income as a negative number. Indicate that the income comes from the partnership that generated this K-1, unless you know otherwise. When requested to enter additional information about the 199A form, choose the Partnership has UBIA of qualified property option and enter the UBIA amount.

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dimis2021Author

Level 2

I m confused : do i need to enter negative ordinary business income on Box 20 after choosing code Z or just leave it blank?

I also have passive loss from previous years which is automatically filled up in the turbo tax, do I need to do something about it?

Thanks!

ThomasM125

Level 15

Code Z is for entering your qualified business income (QBI). It is normally equal to the amount entered on line 1 or 2 of your schedule k-1. Also, if line 1 or 2 is a negative number, you need to make sure you enter the QBI number as a negative. Maybe you are entering the wrong amount.

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vliametz

Level 2

I am having trouble with an error on my K1. Sch K-1: box 20 Code Z has been selected but no Section 199A income has been entered on Statement A. I have an income entered but it done not seem to be recognizing the amount. How do I get this fixed?