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Tax Forms Will Not transfer, infinite loop repeating same two checks related to K1

Box 20 item Z is being flagged K1 from company has Z1 $127.  The 127 shows on form but error says no entry.

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2nd error is software replaced address with company name and it is reported as too long.

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3 Replies

Tax Forms Will Not transfer, infinite loop repeating same two checks related to K1

More info: on first error says on Statement A.  I have no idea what statement A is?  The $127 is the same amount as reported in box 1 for partnership income.

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The second error is on a schedule E where the Partnership name was placed in the location line.  It is too long. removing the LP at the end gets by this error.

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But I am still stuck on the first error.

KathrynG3
Expert Alumni

Tax Forms Will Not transfer, infinite loop repeating same two checks related to K1

Revisit your partnership interview.

For Box 20 Item Z: the 2019 IRS Instructions for Form 1065 Partnerships states: 

  • page 1: "Box 20—Codes Z through AD that were previously used to report section 199A information have been changed. Only code Z will be used to report section 199A information."
  • page 47: "Partnerships should use Statement A—QBI Pass-Through Entity Reporting, or a substantially similar statement, to report information for each partner’s distributive share from each trade or business, including QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends by attaching the completed statement(s) to each partner’s Schedule K-1. The partnership should also use Statement A to report each partner’s distributive share of QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends reported to the partnership by another entity.

Please see screenshots below. You will be asked a series of questions that you can answer based on the Schedule K-1 you received. There should be a statement attached to your K-1 that would provide you with the information you need to answer the questions.

 

Apparently, your answer needs to be YES at the screen above, "We're almost done" which would be that your taxable income might exceed a threshold. If you were to answer no, you would not be providing the details requested that appear to be generating the error.

 

See below for the next screen after answering YES. There are intricacies to the Section 199A that TurboTax needs to calculate based on your details. Answer the questions depending on your circumstances.

 

Continue on through the questions.

Tax Forms Will Not transfer, infinite loop repeating same two checks related to K1

Turned out problem was that on page where you check box that all partnership income is from business activity there is a box at the end of the line but not to the right where you have to re-enter the amount you entered on Box 20 as Z1. -- Doing this fixed this issue and then a new one appeared where data copied from another K1 to another form was too long.  I removed the last couple of letters.  Good to go.  Transmitted.

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