The only information provided is in the K-1 supporting document, it reads: "BOX 14, CODE I - SECTION 199A REIT DIVIDENDS" followed by an amount. When I enter the amount the software asks lots of other questions. If I don't fill in the answer I get an error. The bank says the above statement is all that they are required to show in the "statement".
This solution works in the TurboTax 2018 Tax year version but not in 2019 Tax year version...
When Entering "REIT DIVIDENDS" from a K-1, Box 14 CODE "I". Simply use "IC" instead of "I" and REIT Dividends will appear on the line and then enter your amount. This can also be seen on the drop down menu for "Box 14" - "Code".
Voilà!
My 2019 Premier TurboTax program will NOT accept the IC that I need to enter for Item 14, REIT dividends. It will only accept one letter. But if I enter just I, it leaves it highlighted in red.
What should I do?
I haven't started my Taxes yet. I guess this is a good time to start even though I don't have everything yet. I will take a look at this soon and get back to you. One suggestion is the pull down menu, it should show options.
You can contact an agent here at TurboTax if you need help with your schedule K-1 entries as follows:
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
For Tax year 2019 the provided instructions are incorrect. The best way and maybe the only way is to go through the "EasyStep" method. Entering "IC" no longer works. There is a question in easy step. It asks whether the 199A income is from a business that is held by the trust. Do not select yes, select the answer that mentions "REIT dividends". This question does not seem to appear on the form and I have not been able to reproduce the correct behavior on the forms without using EasyStep.