K1 statement section 199A Information Box 20 Code Z.

[jasonadodson]

All of this relates to Section 199A Information Box 20 Code Z details provided in my K1 Statement.  This section says Passthrough - JMK MF Opportunities II LP with their EIN number.  This entity is different from the K1 Partnership Name.  I have added this Passthrough information into the appropriate section in Turbo Tax.  Along with this Passthrough entity is the following information and need to ensure I am entering it in the correct spot in Turbo Tax.

Need to understand where I record the following line items:

-Rental Income/Loss - $xx (This is the same amount as I included  in Box 2 Net real estate income)

-W2 Wages -  - (I included this amount in the Other Deductions under the section for the Income coming from another business(JMK MF Opportunities II LP)

-Unadjusted Basis of Assets - 229,924 - What do I do with this amount?

Thanks in advance for your help.

[SwapnaM]

@jasonadodson Thanks for the Question!!

Please look at the article below to enter your Box20 code Z information.

How do I enter my Section 199A Statement amounts into TurboTax? 

You will need to enter it as 2 separate K1. The first K1-main/parent K1 needs to be entered as is. Then for the Pass Through entity , you need to enter it as a separate K1. Please look at this community post to look at the screen shots. https://ttlc.intuit.com/community/state-taxes/discussion/how-to-enter-section-199a-information-that-.... Check the boxes Rental income, W2-wages & UBIA(Unadjusted Basis of Assets - 229,924 ). enter the amounts in the proper box selected.

[jasonadodson]

A couple follow-up questions:

1- I don't have an address for the passthrough  entity.  What address should I enter into the separate K1

2-How do I avoid duplicate entry of the Rental Income, W2 Wages and Unadjusted Basis of Assets between the original K1 and this additional K1 I am creating for this passthrough entity.  In the original K1 the Rental Income from the 1991 information is the same rental income included in the K1 Box 2.  The W2 Wages I include in the original K1 section for other deductions for the passthrough entity in the TT section, "We need additional information about your 1099A  income. 

3-I have not found where to input the Unadjusted Basis of Asset.  Is there a section in the original K1 or the K1 for the passthrough? 

[SwapnaM]

@jasonadodson Thanks for follow up questions!

1) same address as the main K1

2)You should not duplicate any of the entries, accept for the name, address and federal ID number on the K-1's. In the 2nd  K1, do not enter the Box 2 amount again. Only Box 20 needs to be checked & entered. If the explanation statement for Code Z, shows entries for main K1 then enter them in the main K1 only. If it is related to the pass through, then enter in the 2nd K1. If the statement shows the allocation between them, then enter it accordingly.

3)In the follow up questions for 199A income, check the box for W-2 wages & you can enter the amount in the box.

4))UBIA of qualified property is where you enter the unadjusted basis of asset

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