Get your taxes done using TurboTax

ScooterRoo, you will enter this information issued to you from a K1 issued from a 1041 Trust account. This information would be reported in Box 14 in your personal return. Here are your instructions.

1. Click on Federal Taxes > Wages & Income > I'll choose what I work on.
2. In TurboTax CD/Download:  Go to Business Investment and Estate/Trust Income, click on the Start/Update box next to Schedule K-1.   In TurboTax Online:  In the S-corps, Partnerships, and Trusts section click the Start/Update box next to Schedule K-1. 
3. Click Yes on the next screen, Schedules K-1 or Q.  
4. On the Tell Us About Your Schedules K-1 screen.  Click the Start/Update box next to the type of entity that issued the K-1 (S-Corps, Partnerships, Trust/Estate).
5.  Here you will select Trust/Estate 
6. If you haven't started entering K-1 information, continue through the screens, entering the requested information
7. When you followed the instructions given to you above, scroll through the entries and enter your information. You will reach a screen that says Check Boxes that have an amount. Be sure Box 14 is selected, in addition to any other Box that may have  information about the K1.
8. Eventually you should arrive at a screen that says enter Box 14 information. Here you will select I-Section 199 information. Leave the amount blank. Here is where you will start to enter information that is on your grantor letter.
9. Press continue at the bottom.
10. You will pass trough two screens but eventually arrive at a screen that says We see you have Section 199A income. Here is where you start entering information that is on your grantor letter. The information you enter will automatically generate a 8995 and allow you to claim a Qualified Business Deduction on your return