Question

K1 Line 20, code Z with amount, when doing tax review, it keep giving me error

Forum|Forum|6 years ago
March 12, 2020
3 replies
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K1 Line 20, code Z with amount.

When doing tax review, it keep giving error Code z select Ln20, but no Section 199A income has been entered on Statement A however, it does show same amount input in Line 20. Please help resolve this problem

Thank you

M

MAK70

You need to continue and look for the screen below- the entries here will create the Statement A to clear the error.

J

jsslep1

I"m also having an issue with my K1s. Error says "Box 20 Code Z has been selected but no section 199A income has been entered on Statement A." I did put in numbers. I tried leaving the interview section blank and enter later, but it still says there an error.

T

ThomasM125

Code Z is referencing your qualified business income (QBI). That is normally the income listed on lines 1 to 4 on your K-1 schedule, but it can vary.

If the income is not listed on the face of your k-1 schedule, in box 20, it should be listed on a statement attached to your K-1 schedule. You need to enter the QBI income amount.

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J

Jonathan 4

How do I clear this error? It appears on all of my K-1 reports.

C

Cynthiad66

We need specific information about the error that you are receiving. Here is one solution below. If this does not help, please let us know the exact error that you are receiving so that we can answer your question.

To properly enter your partnership K-1 box 20 code Z amounts into TurboTax, you must Continue through the K-1 interview after you have entered your code Z for box 20. 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.

Note that the instructions are the same if you have a box 17 code V for an S Corp Form 1120S K-1, or a box 14 code I (as in India) for a trust Form 1041 K-1.

Here is a screenshot of that "We need some more information about your 199A income or loss" screen you need:

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.

Per@avidS127

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N

nancyarvizu

This is so very frustrating. I've been at this for several hours trying to clear this error code. I've entered information for K-1, Line 20, Code z and then taken it out. Ive gone all the way through the interview just like it says. I just want to file. Please help!

M

Mike9241

in step-by-step mode after entering 20Z there should be questions about 199A this is what box 20 Z refers to if you're using the desktop version of Turbotax in forms mode there's a Quickzoom link to enter the 199A info in the Qualified Business Income (QBI) Deduction section which Turbotax does use. forms mode is not available in any of the online versions.

probably you entered 20 Z but did not enter the QBI info which creates a mismatch