Entering K-1 box 20 code z information

Forum|Forum|3 years ago
February 26, 2023
1 reply
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I have a Schedule K-1 (Form 1065) with the following entries in box 20:

A ……3,200

Z …….*STMT

When I look at the attached Statement A, there is an entry for Section 1231 Gain (Loss), but no entry for Section 199A Dividends. So I enter this info in TurboTax for box 20

When TurboTax runs its final check, it tells me there is an error because “Box 20 Code Z has been selected but no income has been entered on Statement A”. I get this same error if the amount if leave blank or if I insert 0.

What am I missing?

Mike9241

box 20 entries are not sufficient. there is a separate section for the k-1 where this info must be entered.

code z can be up to 3 items and is apparently a separate statement.

1) 199A/QBI income

2) wages

3) UBIA or unadjusted basis (in qualified property) immediately after acquisition.

in my case, the statement for 20Z was on the backside of the k-1 but could be a separate piece of paper.

fxprogljrAuthor

Employee

Thanks for trying to help, but I still must be missing something……again in box 20 of my K-1 there are 2 entries

A……….3200 at the top of box 20 and

Z………*STMT at the bottom of box 20

And on my STATEMENT A there is only 1 entry. It is for Section 1231 gain (loss). I entered that amount when entering Box 20 Info for code Z and I entered it again 3 screens later when it asks for more information about my 199A income on the line for 1232 gain (loss).

But I still get this error when TurboTax runs its final check “Box 20 Code Z has been selected but no income has been entered on Statement A”.

PatriciaV

Employee

If you are absolutely certain that the supplemental information provided with the Schedule K-1 does not include an amount for Section 199A (which is implied by code Z for Box 20), then you may wish to contact the partnership that sent you the K-1. It's not possible to guess what that entry should be without more information.

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