Anyone getting 1065 K-1 error messages related to K-1 boxes 13 and 20?

Forum|Forum|1 year ago
February 26, 2025
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I've got appropriate values in Boxes 13 and 20 of my K-1 but I am getting the following error message from Turbo Tax. "Sch K-1 Wks-Partnerships (org name) Sch K-1 Partnership Additional Info 1: Other deduction fields have no entry. A total of nn. has been entered for code(s) W to ZZ. Code(s) W to ZZ require(s) additional information. Please enter nn. on the appropriate line or lines in this section."

JamesG1

On Schedule K-1 (Form 1065), what entries are you seeing in boxes 13 and 20? Please clarify.

Does Box 20 include code Z - Section 199A information or something else? If box 20 includes code Z, you may be making entries at the screens We see you have Section 199A income and We need some information about your 199A income.

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ldelmolinoAuthor

In Box 13 I have code AE with a dollar amount of 92 and in Box 20 I have a code of B with a dollar amount of 92. These values have also been entered into Turbo Tax. On my 2023 return, I had the same entries (just a different dollar amount) and did not get any errors.

The Section 199A information is all related to other investment accounts that I have. There is no connection with the partnership K-1 discussed above.

Thanks for your help!

PatriciaV

Employee

If you're using TurboTax Online, you should see a popup box with this error that allows you to make an entry on the related line (or enter zero). If you're using TurboTax for Desktop, you can make these entries on the related forms and worksheets using Forms Mode.

Per the IRS Instructions for Form 1065 Schedule K-1 Box 13 Code AE, "These were formerly deductible by individuals under section 67 subject to the 2% AGI floor. For taxpayers other than individuals, deduct amounts that are clearly and directly allocable to portfolio income..."

If you are an individual, these expenses are not deductible on your return. The partnership may have included additional information about reporting this amount.

Per the IRS Instructions for Box 20 Code B: "Report this amount on Form 4952, Part II, line 5."

Reporting Investment Expenses on Form 4952 requires a manual entry on Form 4952 Worksheet Line 16a with a custom description and the amount.

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