Hi,
I don't know why I keep getting this error. I have entered an amount next to the Code Z and re-run Smart Check and it is still giving me the error. Please help!
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Me too! Did you ever figure out an answer???
Code Z in Box 20 indicates that there is a statement with additional information. See the statement on your K-1 for the Section 199A information. Then return to the K-1 entry section of TurboTax, and select Edit.
Go back through this entry area. After you select Done you should see a screen that reads "We see you have Section 199A Income". It will look like this:
You will most likely select the first option here. You will then see additional screens to help you enter information from the statement that should accompany your K-1 and provide this detail. The detail typically includes items such as Business income, W-2 wages, and/or "UBIA" (Unadjusted Basis Immediately After Acquisition) of property.
I finally figured out how to fix this. Even if you have "rental " income, when you get to the checkboxes for the different types of income on your 199A, you need to check the box for "business income". When you do that, a second set of boxes appears where you can specify the rental income.
Thank you! This is such a garbage product. It's rental income not business income.
Rental income is Safe Harbor income and that is what is considered business income.
If all the safe harbor requirements are met, an interest in rental real estate will be treated as a single trade or business for purposes of the section 199A deduction
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