What figure to enter from K-1 line 20 code Z stmt?

Thank you.  So, should I add the rental properties together that are listed on the stmt with the K-1 (total rental income, total UBIA, etc)?  Should the property with the rental loss and 1231 gain go on there as well?  I think those two items aren't eligible for QBI, correct?

During review of my return, TurboTax is showing following error message regarding my K1 section. I have none of those listed expenses, other than normal business expenses (like travel etc.) for my LLC.  Is there a new release coming? And if so when?  your help is appreciated. 

DavidS127 did a great job of explaining what figure to enter for line 20, code Z.  As he explained, "You don't need to enter an amount on that box 20 screen, but you do need to click Continue after you have entered the code Z.   The screen prints also provide some visual guidance.   If your K1 was properly generated, it will have the specific line items and amounts that can be carried from the partnership to your return.  Also, if you click on DavidS127, you can see other postings that he has provided.  Reading these other postings may say the same thing in a different way or in a different context, and that may be helpful. 

It is very important to Continue through the K-1 interview after you have entered your box 20 code Z.  Enter the code Z when you enter the K-1, but you don't need to enter an amount.  Continue on, and there is a screen near the end of the interview titled "We need some more information about your 199A income or loss". 

This screen must be completed in order for your box 20 code Z information to be correctly input into TurboTax.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

You would enter the amount reported in the statement for qualified business income (QBI) for your rental income or loss. It would often be the same amount as entered in box 2 on your K-1 schedule Net Rental Real Estate Income, but could also be in box 3 Other Net Rental Income.

After you enter the code Z entry, you will see another entry for the section 1231 gain amount, when you see the screen that says We need some information about your 199A income.

Hi :

I don't know if this will help you or not, but number that I entered for "Z"  was the rental income (loss), the same as in box 2 of the K1.  I thought that was it, but every time I tried to finish and submit my return electronically, TT did its "one last check before you submit" and wouldn't let me continue.  It said that I couldn't submit electronically and to submit by mail.  That made no sense.   I finally figured out that it wasn't looking for that number (box 2 of the K1) but the gross rental real estate income  which I found on the K3 Part II, line 3A.  Don't ask me why but as soon as  I went back and put that number in, everything worked.

Good Luck!

Assuming that you have a Schedule K-1, since you have posted on a discussion thread dealing with K-1 issues:

When you receive Schedule K-1, you need to enter all of the fields in TurboTax as prompted so the information will be included with your return. You will need to enter the information, but whether this results in additional tax depends on the type of items reported and the amounts. A Schedule K-1 is a document that partnerships, LLCs, S-corps, estates, and trusts use to describe to owners/shareholders what income they are receiving from the entity.

See this article for instructions to enter a K-1

See this article for more information on K-1s in general.

In TurboTax Online, go to Wages and Income, then scroll down to S-corps, Partnerships, and Trusts. Click Show More, then select Schedule K-1. Select the right type (Partnership, S Corporation, or Estates or Trusts.

Enter the information about the issuing entity in the fields provided. Follow the prompts in the program and enter information in all of the fields that have entries on your form.

Ordinary business income or loss is entered in Box 1 for a Partnership of S-Corp Schedule K-1.

If by "amount under W-2" you are referring to Code V under Other Information, Box 17 for S corporations:

W-2 wages.

The amounts reported reflect your pro rata share of the S corporation’s W-2 wages allocable to the QBI of each qualified trade or business, or aggregation. See the instructions for Form 8995 or Form 8995-A.

If you have questions about any of the information reported on Schedule K-1, see if there are other statements included that further explain the entries, or contact the issuer.