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.
Follow these directions to report section 199A information from your partnership K-1.
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.
there is no standard for anything coded ZZ so we need an explanation of what each says but not the amounts.
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!
Follow these directions to report section 199A information from your partnership K-1.
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.