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New Member
posted Jun 4, 2019 11:27:44 PM

Where do I enter Schedule K-1, line 20Z1 (Gross Receipts)? It looks like I might have to do that somewhere else, but I can't determine where. TIA

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3 Replies
Intuit Alumni
Jun 4, 2019 11:27:45 PM

I'm assuming that the K-1 you received is from a partnership (other K-1s don't have 20 lines).  Do you know what the "gross receipts" are from?

Line 20 is for "Other Information " and code Z is also for "Other Information."  The "1" probably refers to the first line in the Additional Information: Qualifying advanced coal project credit (3468).

 

To get back to the K-1 entry, please follow these steps:

  1. Click on Federal Taxes > Wages & Income  
  2. Under Business Items, click on the box next to Schedules K-1, Q.
  3. Click Yes on the next screen, Schedules K-1 or Q.  
  4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Partnerships/LLCs (Form 1065). 
  5. If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen.  Click  Edit to continue with the existing form entry).  
  6. On  the screen, Check Boxes That Have an Amount, be sure to click Box 20.  
  7. On the screen, Enter Box 20 Info, select code Z - Other expense from the drop-down menu and enter the amount in the box next to it.   
  8. On the next screen, Enter Box 20 Code Z amounts , enter the amount in the first box and click Continue

 

The figure will flow to Form 3468 - Investment Credit and then to Form 3800 - General Business Credit.  If the credit is allowed it will appear on line 54 of the 1040.  If it is not allowed this year, it will be carried over to next year.

 

[Edited | 4/9/2020 |  10:11am PDT]

New Member
Mar 20, 2020 9:40:30 AM

Where are the screen shots?

Expert Alumni
Mar 20, 2020 2:36:02 PM

You are replying to a thread from last year. 

The K-1 has changed for tax year 2019. 

For Box 20 code Z, you should have received an additional statement with information that also needs to be entered. This is new for 2019, so please contact the entity that issued the K-1 if the statement is missing.