3626809
Our trust rents a farmland out (has depreciable tile). We report the farm income on the 1040E. It is showing qualifies for QBID. How could that be if reporting on the 1040E? It is also stated to be passive income.
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Box 14 on the k-1 is showing a number for I, E and F?
We have no income in box 6. Only in box 7 and little bit in Box 1 and 2.
This IRS website states:
Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called the Section 199A deduction – for tax years beginning after December 31, 2017.
If Box 14 reports a code I, answer Yes to the question at the screen Does your K-1 have a code I in Box 14?
Thank you. Yes it does. It also has Farming and Fishing income in Box 14 but it isn't reported anywhere else.
So is box 14 something I have to put on my tax return or pay taxes on any of it?
The only income I show is in Box 7 with a little in box 1 and 2.
It also has code E for Net investment income and it seems to match my box 7.
What is also confusing is the trust kept all the depreciation and amortization and it wasn't suppose to and I believe that affected all in box 14?
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