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.
