How do I resolve my Turbotax errors with my Sch K-1 Box 16 (Fgn Tax Code I Ln 2 col 3) and Box 20 Code Z (no Section 199A income has been entered on Statement A)?
How do I resolve my Turbotax errors with my Sch K-1 Box 16 (Fgn Tax Code I Ln 2 col 3) and Box 20 Code Z (no Section 199A income has been entered on Statement A)?
For the Form 1065 Schedule K-1 box 16 code I, more information may help resolve your issue. For example, are more than one amount and/or country being reported for the interest expense being allocated to you, and have you completed the subsequent screen to enter the income associated with that interest expense, broken down between U.S. and Foreign sources?
For the box 20 code Z, enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount on that screen. Continue on, and you'll eventually find the screen "We need some more information about your 199A income or loss". When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1. The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax.
To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.
Here are the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1 Section 199A Statement/STMT:
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