Schedule K-1 Limited Partner

Forum|Forum|2 years ago
March 15, 2024
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I am a limited partner for a publically traded partnership. When I enter the inforamation from the K-1 form and do a federal review, there are several errors noted that has to do with information the general partners may need to enter and not a limited partner. How to enter all the inforamtion from the K-1 form, especially the many inputs on line 20 - Other information. I have 6 additional entries labled ZZ1 thru ZZ9 (ZZ4 and ZZ7 are not listed). Please advise soonest.

Best answer by JamesG1

Follow these directions to report section 199A information from your partnership K-1.

At the screen Enter Box 20 info, select code Z Section 199A information.
Click Continue.
At the screen We need some information about your 199A income, you may need to enter the following information:
Ordinary business income (loss) from this business,
W-2 wages for this business, and
UBI of qualified property for this business.

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

IRS Partners Instructions for form K-1 (1065), page 31 states:

Code ZZ

Other

Any other information you may need to file your return not shown elsewhere on Schedule K-1.

There may be additional information that was attached to your K-1 that would explain the code ZZ entries.

@jketterl

Mike9241

Level 15

there is no standard for anything coded ZZ so we need an explanation of what each says but not the amounts.

jketterlAuthor

Level 2

That didn't work. TurboTax still had errors associated with the entries. It also wanted more information about subjects that are not covered in the K-1 form. Any additional advise about correcting the issue with TurboTax? Please help!

JamesG1Answer

Level 15

Follow these directions to report section 199A information from your partnership K-1.

At the screen Enter Box 20 info, select code Z Section 199A information.
Click Continue.
At the screen We need some information about your 199A income, you may need to enter the following information:
Ordinary business income (loss) from this business,
W-2 wages for this business, and
UBI of qualified property for this business.