K-1 with box 20 N & Z

Forum|Forum|3 years ago
March 30, 2023
2 replies
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I input the K-1 data. However, there is no amount I can see to put in for box 20-Z into TT. I input the loss for the K-1 walking through TT's software (online) and left the "Z...199A" income blank as I don't see an amount to report. The only amount on Schedule A is the rental (loss)

Thank you in advance for the assistance and advice.

JamesG1

At the screen Enter Box 20 Info, select Z-Section 199A information but leave the Amount empty. This tells the software that Section 199A information will need to be entered for the income previously reported. Click Continue.
At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information.
At the screen We need some information about your 199A income, select the appropriate income description and amount from the Statement A attached to your K-1 information. Your Statement A is reporting no other information.

@Shock976

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Shock976Author

I’ve followed your advice and when I get to your 3rd bullet (pasted below) point I’m not able to enter an amount. I continued through the software and it brings me to a screen that says “Let’s take care of these details below” I click review where I’m brought to a screen that says “check this entry” “sch K-1 wks-partnership has been selected but no section 199A income has been entered on Statement A.”

I also notice on this screen that my capital account beginning balance is correct but the ending balance isn’t correct. What am I doing wrong?

At the screen We need some information about your 199A income, select the appropriate income description and amount from the Statement A attached to your K-1 information. Your Statement A is reporting no other information.

@JamesG1

AliciaP1

The We need some information about your 199A income screen has checkboxes to mark for each type of entry on your Statement A. Once you check the box, you will be able to enter the amounts from your form. If the only line listed on your Statement A is the rental (loss), your screen should look like this:

@Shock976

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AliciaP1

Yes, the line items don't populate on the screen until you click the box that shows. Once you click the "has business income" box as I indicated in the screenshot, the lines for Ordinary Business Income(loss), Rental Income (loss), Royalty Income (loss), etc., will pop up. Enter your Rental Income (loss) then scroll down to the XXX has UBIA of qualified property box and check it. Then enter your UBIA from your Statement A.