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Question

Section 199A Income on K-1

Forum|Forum|6 years ago
March 5, 2020
14 replies
0 views

I have a K-1 that has a -1029 entry in Box 20 with a Code Z. TurboTax's error check indicates that no section 199A Income has been entered on Statement A. Is this correct? If so, where do I find Statement A?

Anonymous_

Employee

If you received a K-1, you should have also received a statement (or other document) with some detail on the 199A income that should be input into the program.

Check with the partnership representative, or other responsible party, for more information.

abadrian1083

I have the same issue and have info enter into the program, but where is Statement A?

FortFun

I am having the same issue. My partnership instructions say to manually enter Code Z in Box 20 Section 199A information and a negative number. When I run error check TT Deluxe says " ... no section 199A income has been entered on Statement A." I don't see a Statement A in my forms. What should I do?

Thanks in advance!

kpkeat616

I am having the same problem. I have 2 k-1s for a married couple. One K-1 has no problems and clears the review. The second one is entered the exact same way and is coming up as an error on the review (no 199a income on Statement A).

. It's driving me nuts.

Help

DavidS127

More information may help resolve your issue. For example, what kind of K-1 are you entering (Form 1065, Form 1120S, Form 1041), what version of TurboTax are you using (Online or Download/CD), and what sort of information do you have on your Section 199A Statement/STMT?

@kpkeat616

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kpkeat616

Tax form 1065, cd,ordinary business income and UBIA of qualified property, SSTB is checked. There are 2 k-1s, one for each partner. Both are entered exactly the same way, but one came back as an error (no 199a income on statement A) when the review is run. I don't understand what the problem is. Help. Thanks.

Ibbek1

In the section titled "We need some information about your 199A income" you need to choose the first box "Business Income". When you check that box a drop down menu magically appears. That drop down menu gives you many more choices! You'd never know this unless you randomly chose it. Very poor design of software. This was driving me nuts! 30 minutes of wasted time!

psiddw

To get to the statement A all you have to do is enter a number in the amount then select to edit and click on the plus sign.

I still have a problem with after the input it still says there is no income listed in the statement A.

psiddw

when you open the forms view, go to quick zoom of the line 20. select the ordinary income box and input 0. It will then clear the "no income for statement A" error.

DavidS127

Note that for software with a Forms mode (i.e., Download/CD and ProSeries), the Section 199A Statement detail is not entered on the "box 20" line. That "box 20" line only needs the code Z entered one time, no amount is necessary on that line. Instead, either use the QuickZoom button just below that for code Z, or simply scroll down to the D1 ("Statement A") section of that K-1 form, to enter the Section 199A Statement amounts that came with your K-1.

To get rid of the "red Z", that Section D1 will need an entry in one of the income boxes that is QBI eligible.

@petergoodbody

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MattC3PO

My situation is similar, but not exactly, like the ones already listed. I have a K-1 from a new real estate partnership that bought a piece of property in 2019 but hasn't yet started to do anything with it. My K-1 has no income, but Box 20 is marked with Z, and STMT is shown instead of a dollar amount. On the "Section 199A Information Worksheet" attached to the K-1, the only thing listed is $150K in column A for "Qualified Property." As others have experienced, any combination of entering dollar amounts or not for Box 20 and Z, and regardless of what I seem to put in the detail for the UBIA (or elsewhere), the review says "Box 20 Code Z has been selected but no Section 199A income has been entered on Statement A." What to do?

DavidS127

When Section 199A information is reported on a K-1, TurboTax requires an entry in one of the income boxes eligible for QBI treatment. For your K-1 (in addition to the "....QBIA of qualified property" line) check the box for "....rental income (loss)" and enter a zero in the box that "opens up". That should "clear" the error message you are getting.

@Matt3CPO

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Greg 12

I have a very simple K-1 that has only a 1231 gain to report. I did what was suggested and skipped entering the gain on the first screen where we select Code Z. I then checked the 1231 gain box and entered the amount of gain in the section titled "We Need Some More Information..." (there was a box there for me, which I assume was based on the income I entered). The error is not cured by doing these steps. I then tried to enter the amount in the Quick Zoom for line 20 and that does not work. I also tried to enter on the 1231 Gain line of Sch D1.

Would you please provide a step by step guide to solving this. The alternative is a mail in return and that is not a great option.

Thank you very much.

sfranklin6

TurboTax won't let me file because it says missing info in box 20 on K-1, section 199A. How can I file? How can I eliminate box 20 from TurboTax question (won't let me un-check the box)

ksb2

Do not enter the data for box 20 Z from you K-1 directly. Leave box 20 Z amount empty and open the supporting document information using the Turbo Tax step by step questionnaire. (ie Do not enter it directly using forms). Enter the information under box 20 Z supporting information and the error message will be cleared, allowing you to complete without producing an error message that will allow you to submit your taxes.

The supporting information is provided by the Companies Accounting Firm, as an appendix or supporting K-1 document.

maryonori

See instructions under Fort Fun of 3/14/2020. That worked for me.

monica110

I was wondering if you have a schedule K1 for section 199A income do you take the QBI deduction only for the income of schedule K or do you add the W2 too that you received like salary from the S corp? And if so how do you do that?

Thank you!

ThomasM125

The QBI income and deduction would only apply to the S Corporation income listed on the K-1 schedule. It would not apply to wage income reported on a W-2 form, even if it was associated with the corporation.

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goodbarx

Where do I find statement A to help me fill out #20 code Z.

0 income is entered on 2 of my K-1's but Turbo Tax will not accept that. A Statement A did not come with my K-1. Info in D1 and D2 is also no help, they also have O's