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K1 Line 20 with Z* code and STMT reference

CBX
Level 2

Where do I look to see what caused code Z* to show up on Form 1065 Schedule K1 line 20?

I've got partner losses and no special credit allocations but the Z* code shows up in line 20 and references a STMT but without a statement number.

I'm directed to screen 20.1 (credits) but there are no credits and there is nothing to edit in screen 20.1; it is blank because I don't have any fuel credits, other credits or credits for holders of bonds.).

Thanks,

CB

 

 

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10 Comments 10
PKCPAMST
Level 5

Code Z on Line 20 of Form 1065, Schedule K-1 is triggered by a Sec. 199A transaction. Start by looking at 1099-DIVs which might have Sec. 199A dividends.

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CBX
Level 2

Thanks, looking now.

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PKCPAMST
Level 5

When you look at a partner's K-1, do you see a statement titled QBI Statement A?

CBX
Level 2

Yes, I see it. It shows the loss. I was looking for a schedule z or statement z instead of statement A. Thanks

PKCPAMST
Level 5

Basically, Code 20Z gets reported on Statement A.

Lawaigirl
Level 1

I have almost the same question.  I have code Z with STMT after it.  I don't see a statement A as was suggested in other topics related to this.  I have what looks like a 199A information, box 20 , code Z.

 

On the very last page there is a section 199A -Unadjusted basis of assets with a number 2,263.  Anyone know how I am to fill out the K-1 information??

 

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sjrcpa
Level 15

 Are you preparing a 1040 that has this K-1?

Or are you preparing a 1065?


Ex-AllStar
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Lawaigirl
Level 1

A 1040

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Lawaigirl
Level 1

Just checking in to see if there are any answer's.  I am filing my 1040 tax returns ( an accountant does our business taxes and I have a K-1 report from that)

I just can't figure out how to get around the STMT

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sjrcpa
Level 15


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Ex-AllStar