How do I fix error in 2022 Premier, "Check this entry: Sch K1 partnerships: Box 20 Code Z has been selected but No Section 199A income has been entered on Statement A"?

Forum|Forum|3 years ago
March 24, 2023
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Partnership Form 1065 and K1's completed using TurboTax Business. K1 Line 20, Box Z =$0

TurboTax Online

ThomasM125

If you have a code Z in box 20 it means you have qualifed business income (QBI). If the amount listed on your K-1 schedule is $0, then the code Z should not have been entered. So, remove the code Z. You can do this by scrolling to the top of the column where the codes are and selecting the top row that is blank. Also, you may want to review the statements attached to the K-1 schedule to see if the QBI amount is listed elsewhere, if so you can enter the amount in place of the $0 amount listed in TurboTax on line 20, code Z.

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plademanAuthor

Thanks Thomas!

I did not realize that code Z was QBI. It's easy to overlook entry when entering K1s. I don't understand why TurboTax Premier doesn't import K1's from TurboTax Business.