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April 14, 2025
Question

What should I enter if my K1 has letter z in box 20 but in the amount box has letter stmt?

  • April 14, 2025
  • 1 reply
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Turbo tax is only allowing a number amount there and isn't allowing me to type letters under "enter amount" next to code z

    1 reply

    April 14, 2025

    For IRS Schedule K-1 (1065), at the screen Enter Box 20 info, select code Z Section 199A information.  A value does not have to be entered.

     

    Then click Continue.

     

    At the screen We need some information about your 199A income, click the box to the left of the item to be entered.  An entry box will open.  

     

    The preparer of the K-1 and its attachments will provide information to enter.  Items that you may be entering are:

     

    • Ordinary business income (loss) from this business,
    • W-2 wages for this business, and
    • UBIA of qualified property for this business.

    Enter these values for the qualified business income deduction to be calculated.

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