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:
----------------------------------------
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.
-------------------------------------
I would be happy to email you my complete K-1 form if that would help.
Asif
You'll need to sign in or create an account to connect with an expert.
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:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
OldCarGuy
Level 4
jadaadams44
Returning Member
obeteta
New Member
katehailey
New Member
kare2k13
Level 4
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.