Question

Schedule K-1

Forum|Forum|4 years ago
April 5, 2022
1 reply
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We sold a portion of the farm which was held in an LLC. We received the Schedule K-1 which checked Box 20 with a 'Z', which I entered in TurboTax. When I run the SmartCheck, it shows that I have an error for that box that contains the Z. The entire line reads: "Z Section 199A information"

Question: I don't understand the error or how to go about fixing it. Please help.

AliciaP1

You may not have entered all the information from your Statement A - QBI Pass-through Entity you should have received with your K-1.

To revisit this area and ensure all your information is entered correctly please follow these steps:

Within your tax return use the magnifying glass icon to search K-1.
Click the Jump to link that appears in the results.
Click Update for the type of K-1 you want to review.
Click Edit for the K-1.
Continue through the questions until you get to the We see you have Section 199A income screen.
Check the box that applies to your K-1.
The next screen, We need some information about your 199A income, needs to have all the information from your Statement A entered. Mark the boxes for the lines that have details on your form and enter the amounts there
Continue through the rest of the interview to ensure you have answered any follow-up questions for the QBI

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O

Oldfarmer70Author

Thank you for the insight. That didn't solve the problem, but got me much closer.

Here's what I did. I went into the form, then opened the worksheet and completed that in accordance with Statement A that came with the K-1. After doing that, I reran the Smart Check and everything was OK.

Thanks for the assistance.