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jastilley
Returning Member

Schedule K-1 Box 14 Code I question of what to enter

I received a Schedule K-1 as an estate beneficiary.  On Box 14, Code I refers to STMT, an additional statement.  On the attached statement, there are two sections.  One section is "Misc Non-Service QBI".  The other section is "Non-Service QBI" detail.  Under the "Misc Non-Service QBI" section, the dollar amount of the beneficiary's share of the unadjusted basis is provided.  Under the "Non-Service QBI" section, two amounts are given and then they are totaled.  Those two-line items are "beneficiary share of ordinary business income" and "beneficiary share of ordinary gain income".  I'm not clear on how to enter this statement information into TurboTax.  What amount should be listed for Box 14 Code I in TurboTax?    I would really appreciate any guidance that could be provided.  Thanks!!

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1 Reply
PatriciaV
Expert Alumni

Schedule K-1 Box 14 Code I question of what to enter

Form 1041 Schedule K-1 Box 14 Code I reports Section 199A items for the Qualified Business Income Deduction. During the Schedule K-1 interview, you will see the page "We need some information about your 199A income" with several checkboxes.

 

Based on the information you posted, you would check the boxes for:

  1. Business income (loss)
  2. UBIA of qualified property

Enter beneficiary share of ordinary business income in the Ordinary Business Income (loss) box and ordinary gain income in the Other income box.

Enter the amount of beneficiary's share of unadjusted basis in the UBIA box.

 

The separation of "misc non-service QBI" from "non-service QBI" isn't used for this topic. 

 

The following page asks, "Do you want to provide more info..." If you choose "Yes," you will need to check "No" to the following questions "...income from specified service" because the QBI is from a non-service business.

 

 

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