K-1 box 20 Other info

Forum|Forum|3 years ago
February 28, 2023
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K-1 box 20 Other info, ask for a code when I enter Z from my K1 it then requires an amount at the end but my accountant put in "STMT", this is not allowed in TurbTax,if I leave blank it fails the check final review and wants a number inserted to pass the review.

DianeW777

You accountant must supply you with the statement that was prepared for Box 20 on your K-1. This is very common but the statement shows the information you need to enter. Once you enter your Box 20 code Z and the amount the screens shown below will follow. Select the check box beside UBIA and any other you may have on your supplemental schedule for the qualified business income deduction (QBID) or Section 199A. Once TurboTax has all the information the calculation will be accurate.

The following is the description of what will be on the statement.

Qualified business income (QBI), wages paid if applicable and the unadjusted basis immediately after acquisition (UBIA) of your assets.

Code Z. Section 199A information.

Generally, you may be allowed a deduction of up to 20% of your net qualified business income (QBI) plus 20% of your qualified REIT dividends, also known as section 199A dividends, and qualified PTP income from your partnership.

The partnership will provide the information you need to figure your deduction. Use one of these forms to figure your QBI deduction.

Use Form 8995, Qualified Business Income Deduction Simplified Computation, if all of the following apply.
1. You have QBI, section 199A dividends, or PTP income (defined below).
2. Your 2022 taxable income before the QBI deduction is equal to or less than $170,050 ($340,100 if married filing jointly).
3. You aren’t a patron in a specified agricultural or horticultural cooperative.
Use Form 8995-A, Qualified Business Income Deduction, if you don't meet all three of the above requirements.

Use the information provided by your partnership to complete the appropriate form listed above. For definitions and more information, see the Instructions for Form 8995 or the Instructions for Form 8995-A, as appropriate.

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dkohmAuthor

Ok I have the 199A Info Worksheet for Code Z but not sure what number I need to put in that amount place. The accountant put STMT in the amount but I'm assuming this worksheet is what the STMT refer's to like you stated. I provided a snap shot of what I don't understand to put in those Amount spaces where this is failing to review.

AliciaP1

You do not need to put an amount in the box. You need to complete the QBI interview questions after you have entered the Schedule K-1 in your return.

To find the screen in TurboTax Desktop please follow these steps:

Within your tax return click on Federal Taxes at the top of the screen and Wages & Income
Click I'll choose what I work on
Scroll down to Business Items and click Update for Schedules K-1, Q
Answer Yes to review your K-1, click Update for the type of K-1 you need to correct, and Edit for the issuing company
Answer the questions until you get to the We see you have Section 199A income screen
Go through these questions entering the information from your Statement A
Continue until you get back to the Partnership/LLCs Summary screen