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Schedule K-1, Line 20Z

Forum|Forum|1 year ago
April 8, 2025
2 replies
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The Partnership Schedule K-1 shows:

Line 1. $402,387

Line 20. Z 1,263,447

Section 199A Footnotes:

Engaged Directly

Section 199A Income: 402,470

Section 199A unadjusted Basis: 860,977

When I am at Line 20Z in Schedule K-1, I don't know whether I need to enter $1,263,447 (which has a Z code in Line 20) or $402,470 (Section 199A income shown in the footnote) and then where would the Section 199A unadjusted Basis would go. Thanks for the help.

K-1

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Best answer by Karen_pdx

The $1,263,447 on the face of the K-1 is just the sum total of the 199A income and UBIA footnotes. It does not get entered separately.

Level 15

You already asked about unadjusted basis. https://accountants.intuit.com/community/lacerte-tax-discussions/discussion/schedule-k-1-box-17-code-v-qualified-property/00/327592

Look at Form 8995, its instructions and worksheets. See what numbers it uses. Then enter the appropriate numbers from the K-1.

The more I know the more I don’t know.

VenuRAuthor

Level 3

SJRCPA,

Thank you. Appreciate the help.

Karen_pdxAnswer

Level 5

The $1,263,447 on the face of the K-1 is just the sum total of the 199A income and UBIA footnotes. It does not get entered separately.

VenuRAuthor

Level 3

Karen,

Thank you. So I need to enter $402,470 as the 199A income and $860,977 as UBIA amount.

Best Regards.