Where to enter data from schedule K-1 section 199A information, Box 20, Code Z STMT?

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April 23, 2020
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On my K-1 Section 199A info, Box 20, Code Z; I have the following info:

Description:

Trade or Business - Entity Expenses

Ordinary Income (LOSS) - <85>

Passthrough - ABC 2013, LLC

Ordinary Income (LOSS). - <9,872>

Unadjusted Basis of Assets. - 71,880

I have made it to this box and in searching I believe the 71,880 belongs where i put it in the UBIA of qualified property box, but if you can confirm I am right? So I am not sure how to enter the <85> and the <9,872>. Can you please advise me which boxes these 2 numbers belong in? Thank you in advance for your help!

Greg K

DavidS127

Because your K-1 is reporting Section 199A information generated by the partnership and Section 199A information generated by a passthrough entity, you'll need to "split" this K-1 into two separate K-1s for entry into TurboTax. Enter one K-1 with only the "box" amounts generated by the partnership, and a second K-1 with only the "box" amounts generated by the passthrough entity. If you can't figure (deduce) that "split" from the information you have, you will need to contact the preparer of the K-1 to get those amounts.

Note that when you enter each K-1, you'll encounter the question "Is the business that generated the Section 199-A income a separate business owned by the partnership?" screen, TurboTax is asking if the Section 199-A income was passed through to the partnership sending you the K-1 by another partnership, S-Corp, or trust; versus being generated by the business operations of the partnership that sent you the K-1.

The Section 199A loss amounts go on the "Ordinary business income (loss)" line as a negative number. The Unadjusted Basis of Assets amount goes on the "....has UBIA of qualified property" line.

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gregk71Author

Thanks David, but a bit confused as to why I'd need to make 2 K-1's from this one that I received? I've been a limited partner for a few years and never split my K-1's in prior years? They seemed to change this Box 20 this year using this STMT as an amount? Last year my Box 20 code Z had a dollar amount listed. Doesn't that screen I pasted from TT give the ability to split this <9,872> and <85>? These 2 amounts total what is in my Box 1.