Schedule K-1 entries

[toddrub46]

I've entered 199A related info into two separate K-1 forms, and I'm getting an error message that :"Box 20Z has been selected but no Section 199A income has been entered on Statement A". I cannot find a Statement A anywhere.

[tagteam · Accepted solution]

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@toddrub46 wrote:

I cannot find a Statement A anywhere.

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Statement A is what you should have received along with your K-1 (or a similar statement with detail regarding the 199A income). You would enter information from that statement in the section immediately following the K-1 entry.

[6631 Watson]

My note from Turbo is that I have a scedule K1 with no entries.  I cant find it.  I only have two., and I have added them

[JohnW222]

You might try deleting and re-inputting the K-1s that you have in the system.

Please see the TurboTax Help article “How do I delete a K-1?” for guidance.

[BSP7]

Need help with Box 14 

A other country 

B amount 

[foghorn51]

I don't have an y information to put on  schedule K-1. Where can I get it? I didn't have any inheritance in 2020.

[Irene2805]

If you did not receive a K-1 from an estate in 2020, you can delete the K-1 that may have transferred from last year by following these steps:

TurboTax Online

1. Click on Federal > Income & Expenses
2. Under S-corps, Partnerships, and Trusts click on the Start/Revisit box next to Schedule K-1.
3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Estate/Trust. 
4. You will see the K-1 Summary screen.  Click  Delete next to the K-1.

TurboTax CD/Download

1. Click Federal taxes > Wages & Income
2. Under Business Investment and Estate/Trust Income click the Start/Update box next to Schedules K-1/Q.
3. Click Yes on the next screen, Schedules K-1 or Q. 
4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Estate/Trust. 
5. You will see the K-1 Summary screen.  Click  Delete next to the K-1.

@foghorn51

[paults41]

I have a problem with Schedule K-1 From 1065 for Box 16 code B. When I run the smart check it says I need to correct it.  I cannot get it cleared. Is there a problem with your software?  I have spent hours trying to figure out how what to do.

Regards, Paul Sorgen

[Irene2805]

Box 16 of a K-1 from a partnership deals with foreign transactions.  As you were entering the information on the K-1, did you indicate a country for the source of the income?  If the income  came from more than one country, you can select Various from the drop down list.  See screenshot below.

[E]

Did it work for you? I had the same problem and it didn't clear the issue even after I pick "Various" as suggested.

[JayW-57]

Same here, so here's what worked for me.

Go to the forms view (on the view pulldown select Forms)

Find your K-1s in the list of forms, they will have a (Not Done) note on them

Select one.

Scroll down to near bottom of page 2.

You'll see a RED Z under code 20 section.

Double click on the QuickZoom button to the right of where it says **QuickZoom to enter Code Z Section 199A information.

Find the K-1 you are working on in the Open Form pop up box that appears, select it and then select Open Form at the bottom.

I had a value that should be in Passive Income and Loss so after I entered it there, the error went away and so did the (Not Done) note.

Hope your issue is similar.

[mnfish]

I have sold an MLP in 2021 that I have held since 2015. I didn't start using Turbo Tax until the 2019 tax year.

Can I enter older K-1 information into Turbo Tax so that any passive losses from previous years are recorded? Previously I had an accounting firm do my taxes.

[ThomasM125]

@mnfish You can't enter prior year K-1 information as such, but you will be given a chance to enter your passive loss carryover information from the previous year (box 1 ordinary income, box 2a ordinary income, section 179, unreimbursed expenses, capital loss carryovers, etc...)

You will see this option after you enter in the information reported on your K-1 boxes for the current year.