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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Re: Section 199A pass-thru entity
Section 199A pass-thru entity
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Sadie1
Level 1
10-13-2020
01:47 PM
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Question on where to input the K-1 Box 20, code Z, for a SSTB partnership business.
The info provided was
Ordinary income (loss) $20,000 loss
Self-employment Earnings $150,000
Health Insurance Payments 4,000
The partner did receive guaranteed payments that were reported on page 1 of the K-1. $174,000. That figure differs from the self employment earnings above by the loss of $20,000 and the health insurance payment $4,000. Also, page 1 of the Sch K-1 line 1, reflects ordinary income from the partnership.
What is the input on Lacerte for code z for ord income (loss)?
Also, is it necessary to check the box for the health insurance?
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George4Tacks
Level 15
10-13-2020
05:29 PM
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20 Z is screen 20 > Line 20 > Section 199A:Statements A and B (20Z)
Which box for health insurance?
Answers are easy. Questions are hard!
