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March 30, 2025
Question

Form K-1 for Icahn Enterprises LP has 12 entries for Item 20ZZ, (20ZZ1-20ZZ12). The drop down menu in TurboTax has only one entry for item 20ZZ. How to enter the info?

  • March 30, 2025
  • 1 reply
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It is possible to have more than one ZZ-Other entries, but that does not describe the items ZZ1-ZZ12 on the K-1.

    1 reply

    PatriciaV
    March 31, 2025

    Because information from Box 20 Code ZZ is left for the taxpayer to manually enter on appropriate tax forms (as needed), how you enter these codes/amounts will have no effect on your tax return. In most cases, you can omit Code ZZ (and amounts) entirely. TurboTax will not use entries you do make for Code ZZ.

     

    If you don't recognize or understand the code sections and other supplemental information for Code ZZ, you may need to consult a tax professional for assistance. It's possible these amounts may not affect your taxable income this year or may simply add/subtract from your partnership basis.

     

    You may also consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.

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