Schedule K-1 for Form 1041 using Turbo Tax Business 2020

[ktmichaels]

Printing out Schedule K-1 from Form 1041 and line 14 shows I*STMT, but no statement attached or included in file. How do you get that printed/included?

[M-MTax]

All those forms can be printed out one at a time. Open it and then print.

[ktmichaels]

Sorry, I was not clear in my original post.   The statement/schedule referred to on line 14 of the K-1 is not being prepared in TurboTax, it is not there.   I am wondering why the statement is not there, when TurboTax is putting the reference on line 14 of the K-1.  There is no statement to print out.

[DaveF1006]

It depends. Is this a entry that has a code but says statement in the amount? If so, you need to refer to YOUR supplementary statement that came with your K-1. if code I, you will select in the drop-down I-section 199A information. leave the amount blank and press continue.

You will then record information in the followup screens that is recorded in the supplementary statement that came with your K-1. It is listed in your statement instructions regarding Box 14.

[ktmichaels]

Yes, this is an entry that has a code but says statement in the amount.   But I am creating the K-1 in TurboTax for the beneficiaries of the trust, and it is not creating the supplementary statement that it is referring to.   That is what I'm trying to figure out why it is not creating the statement it is referencing.

[M-MTax]

@ktmichaels There's some kind of "forms view" in TT Biz so you should check to see if the statement is there.

[ktmichaels]

There is a Statement A in forms view showing the QBI income, but when you try to print the K-1, it does not include it, and on the K-1 it is listing a statement I as attached, when there is none.

[ThomasM125]

Box 14 would report up to three items:

1. Gross Farming and Fishing Income
2. Net Investment income tax
3. Section 199A information

More than likely it is referring to Section 199A information, which is for the qualified business income deduction (QBI), or net investment income tax.

If your trust is not reporting business income, then it would be for the net investment income tax most likely.

So, I would look for a statement referencing the QBI or Net Investment Income Tax as that may be the statement you need. 

Also, you might not have any of those items on the return, in which case you wouldn't need the statement.

[zwexler]

I'm having the same issue.  After I finished preparing the 1041 return, Turbotax has a button allowing me to print out just the K-1s (which say  'Code I'  and 'STMT' in Box 14), but it does not include the actual QBI Statements in that print out. So my workaround was to go to the full return, which (in my case at least) does include the QBI Statement for each beneficiary after their K-1, and just print out the QBI Statements one by one for each beneficiary from there. Definitely seems like a glitch.