Do I enter K-1, box 14 values from the attached statement(s)?

[jcoldwell]

By example in box 14 I have a code I. The statement shows two values for this, one is an SEC 1099A REIT dividends and the other is for PTP incomes? Are these the values to be entered?

[DanielV01]

Yes.  You will need to enter these as separate entries on your K-1  The REIT dividends will be entered with a box 14 code in TurboTax of IC, whereas the PTP income is reported as ID.

Both of these income amounts are eligible for the Section 199A deduction, and are qualifiers of other taxable income that you have received reported on the Trust K-1.  You will definitely want to enter these amounts as Box 14 entries with the codes I mention to receive the Section 199A deduction.

[Poogie9]

Turbotax premier only has Box 14I option.  No option for code IC for Box 14 to report Section 199A income.

[hrg1]

My experience indicates that you can add two separate entries in Box 14 with the code 'I'. But... if one is for 199A REIT dividends, and the other is for Qualified Publicly Traded Partnership (PTP) income, TT will tell you you need to remove the PTP income from the K-1 (along with the box 14 code I amount) and set up a separate K-1, selecting PTP for the second K-1.

If your K-1 is from a trust that holds an interest in the PTP, what I can't tell you is whether you should create a new trust K-1, using the trust's name and EIN, that only holds the PTP income and the qualified PTP income, or whether you should create a PTP K-1 as though you got it directly from the PTP.

[DavidS127]

The code IC referred to in the response of DanielV01 is related to 2018 tax returns prepared in TurboTax.  The K-1 entry has changed since 2018. 

For 2019 tax returns prepared in TurboTax, a Form 1041 (Trust) Schedule K-1 uses box 14 code I ("India") to report Section 199A information. 

Note that if the trust generated it's own Section 199A amounts and received Section 199A amounts from another entity (typically shown as "passthrough" on the Section 199A Statement), you will need to enter a second K-1 for that same trust.  The first K-1 will report the box amounts for the trust, and the second K-1 for the trust will report the box amounts for the passthrough entity.  The total for each of the boxes on the two K-1s must add to the total for that box on the K-1 you actually received from the trust.  If you can't deduce these amounts from the information you have, you will need to contact the preparer of the K-1.

For 2019, when you enter your K-1 into TurboTax, on the screen with box 14 you enter your code I and code Z, but you don't need to enter any amounts on that screen.  Continue on through the interview, and after a couple of screens asking about your qualified business income, you'll come to the screen "We need some information about your 199A income or loss" (see screenshot later in this post).

Your Section 199A Statement amounts will go on that screen.  When you select a line on that screen, the boxes will "open up" to enter both your Section 199A amounts.  Note that the "Unadjusted basis" number you have goes on the UBIA of qualified property line.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

Here is the screenshot for the "We need some information about your 199A income or loss" screen (and the following "Let's check for some uncommon adjustments" screen where you enter the Section 199A Statement/STMT information from your K-1: