Box 20 code z

Forum|Forum|2 years ago
March 24, 2024
2 replies
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What happens if I just leave code Z off my return? I have no QBI to report. My K1 reports numbers for code Z, but TT takes keeps asking me to link to form3468, which doesn’t apply to me

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JamesG1

See @PatriciaV here referring to Form 3468.

If IRS form K-1 (1065) box 20 code Z is not reported, you will receive no benefit from the Qualified Business Income Deduction on IRS form 8995 or 8995-A.

At the screen Enter Box 20 info,

Select code Z Section 199A information. Do not enter a value to the right.
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,
Rental income (loss).

Enter these values for the Qualified Business Income Deduction to be calculated.

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wu1667wuAuthor

11 hours on the phone with TT and I finally found a solution. The form3468 is generated from codes AG and AJ. We removed them and put these back in with the description “ payment obligations.” Went through every K-1 (I had multiple) to be sure. Then went to tax tools at bottom left, click Tools and delete form. Scroll til you find form 3468 and Voila! Errors erased. I’ve spent 27 hours this year on this mess.