K-1 Line 14I *STMT

Forum|Forum|3 years ago
April 18, 2023
1 reply
5 views

Where do I find the dollar amount to enter on line 14I of the K-1 and why doesn't Turbo Tax easily identify that number?

Income reported on K-1 line 7 is vastly different from the income amount referenced on the 199A STMT.

Thanks,

Best answer by JamesG1

199A Statement A Summary is used to compute the qualified business income deduction on IRS form 8995 or IRS form 8995-A.

The change may not result in a different bottom line.

Rather than file an amendment, you may choose to select Amend (change) return and see if the change will result in a different bottom line result.

PatriciaV

Level 15

If your Schedule K-1 has "STMT" on any line, look for the supplemental information that came with the K-1. This "statement" has the info you need to enter for this line.

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oggiejaxAuthor

Level 2

Hi,

I actually have two statements with the K-1. 199A Statement A Summary and a QBI Pass-Through Statement A, each with different income amounts.

I filed using the full Net Income amount, without reducing for depreciation. The QBI Statement Income amount appears to be Net Income, less depreciation.

I believe that I filed using an inflated QBI allowance. Should I immediately file an amendment or wait and let IRS make the adjustment?

Thanks,