K1 box 20z "Section 199A Publicly Traded Partnership (PTP) Income"

[jm831]

I received a K1 for a Publicly Traded Partnership. I contains an entry in box 20z.

The K1 says that 20z is "Section 199A Publicly Traded Partnership (PTP) Income".

Problem is that TurboTax says I should have received a "Statement A". But there is no statement A in the package. At least nothing with numbers corresponding to the 20z amount.

I called the PTP's tax support and the agent said there is no Statement A to be provided.

So, I am stuck. TurboTax flags the missing information concerning this 20z and will not let me finish the return.

What to do?

Thank you.

[jm831]

In case this helps someone else, here's what solved the problem for me.

It seems to be a bug in TurboTax Deluxe desktop in how TT deals with K1 20 z entry.

As I described above, I get an error in the final Federal TurboTax checkup which says

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"Box 20 Code z has been selected but no Section 199A income has been entered on Statement A"

The error screen then shows the box 20 in question with the z in red even though there is an amount entered for that entry on that very screen!!

It seemed to me that TurboTax just did not transfer the entered amount to the correct form. So, I went to the forms mode and located that K1. The amount that I had entered for Box 20 Code z was blank in the forms mode. So I manually entered it in the form mode. That solved the problem and the Federal TurboTax errors check no longer finds form to have an error.

****I believe this is a bug in TurboTax. Even though an amount is entered for K1 Box 20 Code z during the step by step interview mode, that figure is not transferred correctly to the tax form. Hopefully they will fix this bug soon.

I hope this helps someone else faced with the same problem.

[hki01]

Attempted malkajef@orthohe solution wherby I entered the amount in the error-fix page.  Performed the Smart Check process, and the same error appeared.  Unable to continue.  Please help!

[andersn2234]

You have to enter it on the tax form. Not the error screen.

When the error appears, switch to Forms view. Enter it there in the correct box.

[hki01]

Will give that a try...thx!

Guess, if I read the solution closely; I wouldn't be here...my bad 😁

[jdh19]

I have had the same problem.  Went to Forms and tried to correct it there.  Item still shows red and the review process kicks it out and won't let me finish.   What to do now????

[andersn2234]

Complain to Turbo Tax.

It's a bug.

My workaround worked for me. But I'm just a user.

[JamesG1]

@jdh19

Go to the step-by-step process mode.  Go to Personal / Personal Income / I'll choose / Schedule K-1.

At the screen Enter Box 20 info, select code Z Section 199A information.  Code Z tells the software that qualified business income information needs to be entered at the screen We need some information about your 199A income.  Select Code Z and enter $0.  Click Continue.

At the screen We need some information about your 199A income, click on business income (loss) and enter the income (loss).

You may also input other information if it has been provided to you.  Information such as: 

• W-2 wages for this business, and
• UBI of qualified property for this business.

These values may be found on an enclosed statement and not on the K-1 itself.

Enter these values for the qualified business income deduction to be calculated.

The Qualified Business Income Deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025.

[DesertRose]

I'm also getting error message in 2020 TT Deluxe.  Error message reads "Box 20 Code Z has been selected but no Section 199A income has been entered on Statement A".  The "QuickZoom" link does not work.  From Box 20, TT allows me to enter amounts for 20A, "V", "Z"  "AB" and "AE".  However, TT deluxe does not have drop down selection for AH1 thru AH9 listed on K-1 supplemental info from Energy Transfer LP.  How do we resolve the error?  I've spent hours attempting to fix error.

[DaveF1006]

Actually you would choose code AH in the drop down selection. You can then combine totals from your entries on your Statement A  form. As far a Code 20 Z, after you enter this into your return with no amount in Box 20, there will be some followup questions pertaining to your Box 20 code Z entry that will determine what will go into that box. Turbo Tax will automatically populate the QBI based on the information you report. All the information required for the entry should be in Statement A also.

[anza]

After entering $0 in Box 20 Code Z and clicking continue, I entered amounts for rental income, w-2 wages and unadjusted basis of assets.  Should Box 20 Code Z still have $0 in it after this? 

The Box 20 Code Z has an amount for the unadjusted basis of assets.  Is this the same thing as UBIA (unadjusted basis immediately after acquisition of qualified property)?  Thanks