K-1 Statement A

Forum|Forum|3 years ago
February 22, 2023
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When entering K-1 information on Turbotax, I have a code Z in Supplemental Information included with the K-1. Code Z, prompts a question regarding information on a "Statement A" that should have been a part of the K-1. The only info I have is on the Supplemental Schedule which is referred to as STMT in box 20 of the K-1. When I called the provider of the K-1, they only referred me to tax codes and had no knowledge of a Statement A .

Is this a Turbotax glitch? If I were doing the taxes manually, I would not have this question as no IRS docs. I have found addresses a "Statement A" with regard to K-1 documents.

TurboTax Home & Biz Windows

AliciaP1

Statement A for your Schedule K-1 reports the information for you to determine your Qualified Business Income deduction (QBI). If the partnership reported amounts in box 20 with code Z, they are required to provide the information.

If your statement identifies amounts for line items like Ordinary business income (loss), Rental income (loss), Royalty income (loss), Section 179 deduction, UBIA of qualified property and more then this is effectively your Statement A. If you enter your Schedule K-1 into TurboTax with box 20 listed with code Z, TurboTax will prompt you to enter the specific line items from your statement to determine the potential QBI deduction.

To do this in TurboTax Online you can follow these steps:

Sign in and open your return by selecting Pick up where you left off under a section.
Search for K-1 and select the Jump to link at the top of the search results.
This will take you to the Schedules K-1 or Q screen.
Answer Yes and follow the prompts.
Verify or answer the questions and Continue until you get to the W need some information about your 199A income screen.
Check the box(es) that match the detail information you received with your K-1 and enter the associated amounts. List negative numbers as negatives in Turbo Tax.
Continue through the rest of the questions.