Schedule K-1 Box 20 Code Z Section 199A income Information

Forum|Forum|1 year ago
April 6, 2024
2 replies
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When TT reviews my return, it says to complete "Z Section 199A income Information." When I was preparing Wages and Income, I entered the amounts on Schedule K-1 (1065 Form) that I received from Energy Transfer LP. I revisited and checked the entries multiple times to make sure I entered the amounts in the correct boxes. But I cannot pass the Turbo Tax Online review. I am not sure what is wrong and how to correct the problem if there is any issue at all.

I appreciate any help

TurboTax Live Premier Online

DeeJayKay

It sounds similar to an issue I was having with Box 13 on my K-1s.

JamesG1

Enter IRS form K-1 (1065) information at the screen Enter Box 20 info,

Select code Z Section 199A information. Do not enter a value to the right.
Click Continue.
At the screen We need some information about your 199A income, you will likely enter the following information:
Ordinary business income (loss) from this business, and/or
Rental income (loss).

Enter these values for the Qualified Business Income Deduction to be calculated.

Some preparers of the K-1 form will include the Section 199A information on a separate statement called a Statement A.

It is possible that additional information may need to be entered. Click the box to the left to open up entry boxes.

@Zagros

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Kayla37

When I do that I am able to put in rental income and other income on that page because there are boxes that can be checked for those but...

I am NOT able to fill in the "UNADJUSTED BASIS OF ASSETS" . Is that not needed even though it shows up on my.Box 20 section Z information on my K1? Or is this an error on the part of Turbo Tax that they forgot to include that option? Or is there a place to put that somewhere else?

I've looked all over the forms and can't find any info on this so any help would be very appreciated!