I have a K-1 for United States Natural Gas Fund (ticker UNG). When I enter the K-1 data into Turbotax, it generates an error.
In Box 11, I have the following entries:
- Code C, -920
- Code ZZ, 50
In Box 13, I have one entry:
- Code ZZ, 30
When I fill in the entries, I get the following error:
Sch K1 Wks-Partnership (UNITED STATES NATURAL GAS FUND LP) - Sch K-1 Partnership Additional Info 1: Other Deduction fields and other items in this section add up to a total of 50. This total exceeds the Schedule K-1 entry for code(s) W to ZZ of 30. Review and correct your entries.
My K-1 has the following statementL:
Line 11 ZZ: Other income - For individuals, combine the values from lines 11zz and 13zz to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k).
Line 13 ZZ: Other deductions – Trader expenses. For individuals, combine the values from lines 11zz and 13zz to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k)
It looks like Box 13 Code ZZ is 50, and the line 13 code ZZ is 30 (a deduction), so I have a net of non-passive gain of $20. Am I reading this correctly?
If so, is the correct approach to delete the Box 13 code ZZ entry and enter a Box 11 entry of Code ZZ of $20?
Thanks for any guidance you can provide.
@poncho_mike I find these are easier to unravel if you go into Forms mode. If you do, you'll see that code ZZ for lines 11 and 13 both have a Quickzoom for additional details, which route you to an Addl Info form. And there, its easy to see any errors. So in looking at that, and the K-1 instructions, it definitely looks like you want to see $20 show up on Sched E, with some sort of explanation that will also print on Sched E. The only way I saw (working quick) to get $20 onto Sched E was to combine the entries on line 11 as you suggest.
@nexchap , @mike9241,
Can one of you please take a look at this. I think I know what the answer is, but Turbotax should be able to handle this input
Thanks,
@poncho_mike I find these are easier to unravel if you go into Forms mode. If you do, you'll see that code ZZ for lines 11 and 13 both have a Quickzoom for additional details, which route you to an Addl Info form. And there, its easy to see any errors. So in looking at that, and the K-1 instructions, it definitely looks like you want to see $20 show up on Sched E, with some sort of explanation that will also print on Sched E. The only way I saw (working quick) to get $20 onto Sched E was to combine the entries on line 11 as you suggest.
@nexchap Going into Forms mode worked perfectly.
For some reason, TurboTax entered a 50 in both Box 11 and Box 13 for Code ZZ. I was able to change it on the forms area and I got no errors during the review.
Thanks again.
Mike