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mas1998
Level 2

Schedule K-1 Line 20 AH but no Z

HI,

I received a Schedule K-1 with a line 20 AH STMT where the supplemental  shows a Qualified nonrecourse of 81,647 at risk.  I put that into TurboTax under AH other.  It goes on to say directly under this  on my supplemental of the Schedule K -1  for line 20 AH "that section199A amounts to be used in the calculation of QBI deduction on your return are reported on line 20 under codes Z, AA, AB, AC and AD.  There are none of these codes reported in line 20.  There is a V code in line 20.    So did they make an error in not reporting it or is it up to me to report it as a code Z????  or no Z code and I am done. 

(section K shows qualified nonrecourse financing as 81,647)

2 Best answer

Accepted Solutions
tagteam
Level 15

Schedule K-1 Line 20 AH but no Z

Section 199A information will have Code Z on Line 20.

View solution in original post

Mike9241
Level 15

Schedule K-1 Line 20 AH but no Z

the partnership did not generate any QBI. code V is for unrelated business taxable income (UBIT) which has no relevance to an individual taxpayer. however, if the partnership was owned by a tax-exempt entity such as an IRA and if the total from all entities is more than $1,000 of UBIT the entity would have to file form 990-T which Turbotax doesn't do.  

View solution in original post

2 Replies
tagteam
Level 15

Schedule K-1 Line 20 AH but no Z

Section 199A information will have Code Z on Line 20.

Mike9241
Level 15

Schedule K-1 Line 20 AH but no Z

the partnership did not generate any QBI. code V is for unrelated business taxable income (UBIT) which has no relevance to an individual taxpayer. however, if the partnership was owned by a tax-exempt entity such as an IRA and if the total from all entities is more than $1,000 of UBIT the entity would have to file form 990-T which Turbotax doesn't do.  

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