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Section Z 199A on K1 - Nothing Works, Can't Submit Taxes

I have an LLC and did taxes using TurboTax. It issued me and my wife K-1's that have in Box 20 a code Z and note "STMT."  When I do my personal taxes and input this K-1, it asks me to fill out a secondary form, Schedule K-3 Foreign Transactions Smart Worksheet. No matter what I enter, it keeps coming back as an error. When I go to file my personal federal tax return electronically, Turbo Tax won't do it until I fill out the form properly, but nothing works.  Can anyone tell me what I am supposed to enter on Line 20 for the Schedule K-3 Foreign Transactions Smart Worksheet, and for the + window that pops up when I try to type in an amount on that line; it asks me for a DESCRIPTION and an AMOUNT?

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4 Replies
lkurgan
Returning Member

Section Z 199A on K1 - Nothing Works, Can't Submit Taxes

Just go through the business section again and delete the K1.

Section Z 199A on K1 - Nothing Works, Can't Submit Taxes

Delete the K1 and then add it again?

lkurgan
Returning Member

Section Z 199A on K1 - Nothing Works, Can't Submit Taxes

I'm assuming you and your wife are the officers of the LLC. You do not need a K1.  When using Turbo Tax it is recommended that total expenses for the LLC get entered 50% for you and 50% for your wife. I've used this approach for years with no negative blowbacks. For example, lets say your LLC is "Wife and I painting".

 

Wife - business painting - 50% expenses from LLC

Yourself - business paint delivery - 50% expenses from LLC

 

It takes awhile to enter but works very well in the long run

DaveF1006
Expert Alumni

Section Z 199A on K1 - Nothing Works, Can't Submit Taxes

If you did not prepare a k-3 in your return, go to Box 16 in your LLC return  When it asks if Box 16 is checked your return (or if you did not receive a K-3), answered no to this question.

 

@johnsan

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