Schedule K-1 Limited Partner

Forum|Forum|2 years ago
March 15, 2024
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I am a limited partner for a publically traded partnership. When I enter the inforamation from the K-1 form and do a federal review, there are several errors noted that has to do with information the general partners may need to enter and not a limited partner. How to enter all the inforamtion from the K-1 form, especially the many inputs on line 20 - Other information. I have 6 additional entries labled ZZ1 thru ZZ9 (ZZ4 and ZZ7 are not listed). Please advise soonest.

Best answer by JamesG1

Follow these directions to report section 199A information from your partnership K-1.

At the screen Enter Box 20 info, select code Z Section 199A information.
Click Continue.
At the screen We need some information about your 199A income, you may need to enter the following information:
Ordinary business income (loss) from this business,
W-2 wages for this business, and
UBI of qualified property for this business.

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

IRS Partners Instructions for form K-1 (1065), page 31 states:

Code ZZ

Other

Any other information you may need to file your return not shown elsewhere on Schedule K-1.

There may be additional information that was attached to your K-1 that would explain the code ZZ entries.

@jketterl

Mike9241

there is no standard for anything coded ZZ so we need an explanation of what each says but not the amounts.

jketterlAuthor

Employee

That didn't work. TurboTax still had errors associated with the entries. It also wanted more information about subjects that are not covered in the K-1 form. Any additional advise about correcting the issue with TurboTax? Please help!

JamesG1Answer

Follow these directions to report section 199A information from your partnership K-1.

At the screen Enter Box 20 info, select code Z Section 199A information.
Click Continue.
At the screen We need some information about your 199A income, you may need to enter the following information:
Ordinary business income (loss) from this business,
W-2 wages for this business, and
UBI of qualified property for this business.