1065 Sch K-1 Box 20 Code Z with STMT

Forum|Forum|2 years ago
February 25, 2024
1 reply
0 views

On my 1065 Schedule K-1, I have code Z in Box 20 with STMT. However, when I review the attached K-1 statement , I see two lines of entry for code Z: there's an amount for "ordinary income" and a separate line for "unadjusted basis." Which of these should I enter for code Z in Turbotax for my individual tax?

Best answer by PatriciaV

Leave the amount box blank for Box 20 Code Z until you are asked about Section 199A income. TurboTax will provide entry boxes for both income and UBIA on a subsequent screen.

PatriciaVAnswer

Employee

Leave the amount box blank for Box 20 Code Z until you are asked about Section 199A income. TurboTax will provide entry boxes for both income and UBIA on a subsequent screen.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

phsch529

I have a similar situation and I left the box empty. Later TurboTax did present me with a list of items concerning my 199A income but none of them applied. At the final check TurboTax keeps wanting me to enter something. I don't know what to enter.....

DaveF1006

Usually the supplemental statement that came with your K1 will supply all the information you need to the record the information needed. Here is a list of things that should be in the supplemental schedule to report in Box 20. The black stripes in the image blot out actual numbers that would normally appear in this section.

If you don't have a supplemental schedule that reports this information, go back and uncheck Box 20.