Questions for LLC K-1 box 20B and 20Z

Forum|Forum|3 years ago
April 1, 2023
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My pass-through LLC received K-1 form from another LLC with values in Box 20 B and Z.

Will existing K-1 Box 20B and Z values be passed to new K-1 Box 20B and Z by profit proportion rate (if distribution is by profit rate)? How to set it up if these existing K-1 values need to pass to the new K-1?

Thank you!

Jennifer

TurboTax Business Windows

Best answer by PatriciaV

Yes, to record this activity for your LLC and its partners, enter Schedule K-1 as received by the LLC, including information from Box 20, under Federal Taxes >> Income >> Schedules K-1. You may need to enter info from Statement A using Forms Mode.

To review your entries from this K-1, open your return and click the Forms icon in the TurboTax header.

Look for K-1 Partner in the left column. Click the form name to open it in the large window.
Scroll down to Line 20 to confirm your entries for this box.
Section A below Line 21 provides input lines for the Statement A information. Complete this section to allow the info to flow to the partners'' K-1s.
To review this flow-through to K-1s, look for Statement A under Schedule K-1 (Partner Name). You should see a column on this form for the flow-through LLC's K-1 with the allocation for this partner.

PatriciaVAnswer

Employee

To review your entries from this K-1, open your return and click the Forms icon in the TurboTax header.

Look for K-1 Partner in the left column. Click the form name to open it in the large window.
Scroll down to Line 20 to confirm your entries for this box.
Section A below Line 21 provides input lines for the Statement A information. Complete this section to allow the info to flow to the partners'' K-1s.
To review this flow-through to K-1s, look for Statement A under Schedule K-1 (Partner Name). You should see a column on this form for the flow-through LLC's K-1 with the allocation for this partner.

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