Eligible Small Business Credit

I am a co-owner of an LLC, which generated a K-1 for me to file with my personal tax returns (2019). In Box 15, there is a Code M - Credit for increasing research activities. I entered this into TurboTax and the amount associated with this entry.

 

When I clicked to continue, TurboTax asks me "Enter the dollar amount of Box 15, Code M of your Schedule K-1 which is an Eligible Small Business Credit, if any". Is the entire amount I entered earlier eligible? How do I figure this out?

 

Thank you.

Irene2805
Expert Alumni

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Your K-1 should indicate (maybe in a Supplemental statement) whether the amount listed in Box 15 Code M, is applicable to the Eligible Small Business Credit (ESBC)  in addition to the Eligible Small Business Credit for Research Activities. 

 

If it is not indicated, enter the entire amount for the Eligible Small Business Credit for Research Activities. 

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