Form 1065 Schedule K1 Section 199A

Forum|Forum|3 years ago
April 13, 2023
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jnhnAuthor

TT deluxe indicates an error. The Amount for Box 20 Statement A is entered & Z is entered, but error is indicated. My Statement A lists this as "Unadjusted Basis" & is entered as given, but TT says in error. How do I fix this error?

AliciaP1

You also need to enter the business income in the Section 199A information along with the UBIA.

To correct your K-1 line 20 error and your QBI income information in TurboTax CD/Download you can follow these steps:

Within your tax return click on the Federal Taxes tab and Wages & Income then I'll choose what I work on
Scroll down to Schedules K-1, Q and click Update
Answer Yes and click Update for Partnerships/LLCs (Form 1065)
Click Edit for the K-1 you need to correct
Verify your answers and Continue through the questions until you get to the Enter Box 20 Info screen
For the code Z line enter the amount in box 20 code Z from your K-1 or the Ordinary business income (loss) amount from Section D1 of your K-1
Verify your answers and Continue until the We need some information about your 199A income
Enter the information as it shows in Section D1 of your Schedule K-1 completely
Continue until you get to the Partnership/LLC Summary screen and click Done
Proceed entering/reviewing your return.

@jnhn

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jnhnAuthor

Followed your steps, but still an error. Also, my K-1 has no Section D1. I entered the UBIA as suggested in a 2020 Q&A post...still not correct. The "Z" is highlighted on the forms view, but that is correct...from my Statement A 199A list. I have no clue what to try next. Thanks for you help. Hoping you have other suggestions.