Schedule K-1 Limited Partner

[jketterl]

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.

[Mike9241]

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

[jketterl]

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!

[JamesG1 · Accepted solution]

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 

[jketterl · Accepted solution]

I ended up doing just that to get the error removed.  It would have been much easier if this information had been provided or included in the program by TurboTax.