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June 14, 2023
Question

K1

  • June 14, 2023
  • 1 reply
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I have a K-1  

Question #1: When selecting boxes to input data TurboTax will not allow me to Show box 1 & 2 to enter data??

Quedstion #@:m Need a step by step instruction to enter Section 199 Informtion (codeZ)

Thankyou 

1 reply

June 14, 2023

you need to use 2 k-1's . one for line 1  and the second for line 2.  then the 199 info must be entered on the k-1 it relates to.

 

on the first after you check box 1 check the box tht says like "amounts in more than 1 box" this will provide and explanation.

click continue and complete following pages until you gte to where you enter the box 1 amount/ you'll come to a page which lists a whole series of boxes including line 20. complete those that apply for this k-1 don't bother checking box 20 if there is only code Z (code z in box 20 is not used by Turbotax) . then continue on. you'll come to a page that asks if you have code Z in box 20. answer yes. on the next page answer the question that applies . most likely the first. then continue. on the next page - one at a time - check the boxes that apply based on the k-1 you got. checking a box will open a sub-listing to enter the amount. when done ontinue. review the next page and check any boxes that aplly. then continue. the same on the following page.

your done with k-1. follow the sme steps for the second. 

 

 

note for certain boxes like 5 the full amount only gets enter on one k-1 or split between the two if such info is provided. it's posssible there may be a supplementl schedule to guide you in allocating the other boxes between the two k-1's. 

Critter-3
June 15, 2023

On the first K-1 form enter everything EXCEPT box 2   and then on the next K-1 form enter ONLY box 2 ... the program will marry the 2 forms on the return because they have the same EIN.  Simple and Easy.