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I am a beneficiary of a trust. I have a schedule k1 form 1040, what info do put from the statement for box 14 code i - stmt shows a lot of different amounts

 
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DianeC958
Expert Alumni

I am a beneficiary of a trust. I have a schedule k1 form 1040, what info do put from the statement for box 14 code i - stmt shows a lot of different amounts

This code I is for the 199A deduction that is available currently, it is also called the Qualified Business Income Deduction.

 

When you put in Box 14 the you have Code I, you do not put any of the numbers you have on that screen.  As you continue through the screens the program will ask you more information about the 199A income.  This information will show on the Additional information you have with your 1041 K-1.  Fill the amounts in on TurboTax and it will calculate the correct deduction.

 

@courtneybovey

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