Combine Multiple 20ZZ K-1 Entries Into One Number?

Forum|Forum|2 years ago
March 8, 2024
2 replies
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I have a K-1 with multiple 20ZZ amounts (Gross Income, Federal Bonus Depreciation, etc.). Do I do multiple 20ZZ entries in Turbotax even though it says 20ZZ is simply “Other”? Or do I add all the K-1 20ZZ amounts together for one entry in TurboTax?

TurboTax Business Windows

Mike9241

have no idea what those ZZ numbers represent because it's not a standard code signifiting something specific.

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this is what the iRS instructions say about 20ZZ

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

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Turbitax can not use the 20ZZ info for anything because it could be for anything.

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This might be info for state returns because none of the terms seem to relate to your Federal 1040.

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contact the partnership for clarification.

nexchap

@beolein Turbotax can't do anything with the values on 20ZZ because their meaning is going to vary from K-1 to K-1, so it will ignore whatever you put enter. You'll have to determine if any of those values affect your return, and then make sure to enter them in the appropriate sections.

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!