K-1 Line 20 entries
My K-1 Line 20 Z (199A) lists 4 different companies with various answers for QBI and UBIA. The software asks for my main K-1 information then when I get to line 20 I only have the option to enter for 1. If I create a different K-1 for each listed company venture for Line 20 Z aren't I entering the main page information 3 times more than I should be?
Answers
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Hello cp23:
If you just have one Schedule K-1 with multiple items for Box 20, you should not create multiple partnerships. In the event your K-1 reflected multiple income amounts, for example amounts in Boxes 1, 2, and/or 3, then our software would require that you create multiple partnerships. For example, a partnership for the Box 1 amount, another partnership for the Box 2 amount, and a third partnership for the Box 3 amount. However, creating multiple partnerships does not appear to be what you need to do.
In our software, you can add multiple Box 20 amounts, each with a unique code. On the screen “Enter the partnership info from your Schedule K-1,” scroll down to the section that relates to Box 20, and use the drop down arrow to select the appropriate code and then in the Amount box, enter the appropriate amount. To add more Box 20 entries, click on the Add Another Item tab, and repeat the process for the additional entry.0 -
What amounts should be entered in the Box 20 code Z if the K-1 lists it as a STMT with entries as below:
Rent - Property 1 address
RENTAL INCOME (LOSS) -****.
UNADJUSTED BASIS OF ASSETS xxxx.Rent - Property 2 address
RENTAL INCOME (LOSS) -****.
UNADJUSTED BASIS OF ASSETS xxxx.
Looks like these amounts should be entered in the following screen "Enter the amounts from your K-1 QBI statement", but how do I add multiple entries there?0 -
Hello ftusa,
If you have a K-1 with code Z in Box 20, enter the Z code in the box to the left. Leave the box to the right of that empty. Click Save and Continue at the bottom of the screen.
Yes, you are correct, a few screens later, our software will provide a screen titled: Enter the amounts from your K-1 QBI statement. Enter the amounts as a net here, combining the amounts that would be entered in the same box line on this screen.0 -
Is it recommended to aggregate the amounts (rental income loss and UBIA) from the multiple activities? The recommendation to create separate K-1s here did not work: https://community.freetaxusa.com/discussion/comment/7927
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