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Level 1

section 199A Income on K-1

This is exactly how my K-1 looks. I  am not sure how to fill in the TurboTax at this part of the program.

 

Line 20 reads:

Z See attached statement for additional information.

 

Page 2 of my K-1 reads below the dashed lines:

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SCHEDULE K-1    Section 199A Information, Box 20, Code Z

DESCRIPTION

 

TRADE OR BUSINESS - MANAGED HEALTH CARE SERVICES

X - SSTB

 

ORDINARY INCOME (LOSS)           5,459.

W-2 WAGES.                                      2,313.

 

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I  would be happy to email you my complete K-1 form if that would help.

 

Asif

1 Reply
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Employee Tax Expert

section 199A Income on K-1

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount on that screen.  Continue on, and you'll eventually find the screen  "We need some more information about your 199A income or loss".  When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement that came with your K-1.  The applicable category (or categories) on this screen must be completed in order for your K-1 QBI information to be correctly input into TurboTax.

 

As I read that statement, the partnership is reporting that it is an "SSTB" or specified services trade or business.  If that is your understanding, you'll respond to the TurboTax SSTB questions accordingly.

 

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

 

Here is a screenshot of the "We need some information about your 199A income or loss" screen where you enter the information from your K-1 Section 199A Statement:

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