Schedule K-1 entries

---

@toddrub46 wrote:

I cannot find a Statement A anywhere.

---

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.

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

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.

Need help with Box 14 

A other country 

B amount 

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.

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

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

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.

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

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.

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.

@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.