K-1 Line 20 Code Z with zero as amount

Forum|Forum|4 years ago
April 11, 2022
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The K-1 is for an Energy partnership investment.

I didn't receive a Statement A. The amount for Code z is zero. Turbo tax keeps giving me an error during the check. Where do I enter information so the error is corrected?

The letter that came with the K-1 has a paragraph about 199A - "The guaranteed payments are for the use of capital. Guaranteed payments for the use of capital may be considered unrelated trade or business income ("UBTI")."

PatriciaV

Employee

After entering the info from Schedule K-1, continue to the Let’s check for uncommon adjustments screen. Enter any applicable Section 199A Statement amounts. These screens, to the extent applicable to your Section 199A statement, must be completed for your K-1 QBI information to be correctly entered into TurboTax

If your section 199A Statement has amounts related to the W-2 wages of your business or UBIA of qualified property, an amount must be entered or no QBI deduction will populate on your tax return. If left blank or zero is entered, no deduction is allowed.

See this TurboTax FAQ: How do I claim the Qualified Business Income Deduction as a Schedule K-1 Recipient?

[Edited 4/12/2022 | 1:13 PDT]

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