K-1 Line 20 entries

cp23
cp23 Member Posts: 1 Newcomer
in Income

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?

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Answers

  • GeorgeM
    GeorgeM FreeTaxUSA Agent Posts: 86 image
    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.

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