Question

When entering multiple K1s forms for Part III for Box 1/2/3 do you skip the Code Z

Forum|Forum|1 year ago
April 7, 2025
1 reply
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When entering multiple K1s forms for Part III for Box 1/2/3 do you skip the Code Z in Box 20 question for the second and third K1 Turbotax forms.

J

JamesG1

[Edited 04/09/25 | 7:23 pm PST]

@Peter1899

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P

Peter1899Author

There is only one 20Z1 ( Box 1? ) and there is no 20Z2. When populating the second K1 for the Box 2 do you reuse the 20Z1?

N

numanuma

Enter all the information from Part I and Part II of the K-1 on both copies. Include all information from Part III on the first copy - except for the amount in Box 2. The second copy should have only the amount in Box 2 from Part III.

For Section 199A, look for a separate Statement A that may have the information you need. Enter this only for the first K-1, unless the QBI information is broken down by activity.

Thank you for that clarification! I have been getting conflicting info on filling out the K3 portion. I'm not sure if I have to or not. Everything I have seen on the internet references people running the PTP not us mere shareholders. I've read that there are big penalties for not filling out that info, I have read there are parameters ( foreign income, foreign business dealings, etc...) that makes it either necessary or unnecessary for tax payers to fill it out... and I can't make heads or tails of the IRS directions.