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March 26, 2024
Question

My K-1 Form's all the columns are blank, except colunm 20 has code Z* with blank amount. And following 199A forms are also all blank. What should I do?

  • March 26, 2024
  • 1 reply
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twcho68Author
March 26, 2024

DaveF1006
March 26, 2024

This K-1 was issued to you because you may be eligible for a QBI deduction in your return for the year. Here are the steps to report since you are working in Turbo Tax online.

 

  1. Open your Turbo Tax return.
  2. Go to federal
  3. Wages and income
  4. S-corps, Partnerships, and Trusts
  5. Schedule K-1
  6. In the section, Tell us about your K-1, check the box  indicating this is a Partnership, LLC (Form 1065)
  7. Answer all of the questions regarding the partnership and your role in it. If it asks about your percentage of your share, liability share, and capital account information, you may leave this blank if you wish.
  8. When you get to a page where you choose the type of activity, check the box that says other and place a check mark in the Box that mentions This k-1 reports amounts in more of these boxes than Box 1,2,or 3.
  9. in the next screen, check Box 20.
  10. in the section that says to enter Box 20 information, click Z in the dropdown and press continue at the bottom.
  11. Next screen you can indicate your investment is at risk.
  12. Next screen, you can indicate the income comes from the partnership that generated the K-1. If it doesn't, then there may be a notation in the supplemental disclosure stating where the income came from
  13. The next screen is critical because this will determine if the have a QBI deduction or not. All the information that is entered here is on your supplemental disclosure form that came with the K-1. Here is what the screen looks like where you would enter this information. Don't enter my numbers but enter the information that lies within your supplemental disclosure from.

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twcho68Author
March 26, 2024

Thanks you, sir.

 

But the problem is , as you can see, 199A form's columns are also blank.

Then what amout do I need to key in ?