Your box 15 amount needs to be entered on the Colorado Credits and Taxes screen on the line Electing Pass-Through Entity Owner Credit. Your box 9 information needs to be entered as a Schedule K-1 Increase rather than the QBI Deduction add-back because the amount reflects State Income Tax Paid by the business and is not deductible to the state.
To enter these amounts in TurboTax you can follow these steps:
- Within your return start your State Taxes
- On the Schedule K-1 Increases screen enter the entity name from your K-1 and the Colorado amount shown in box 9
- Continue to the Take a look at Colorado credits and taxes screen
- Scroll down to the Business and investment credits section and click Start for Electing Pass-Through Entity Owner Credit
- Enter the amount from box 15
- Proceed entering/reviewing your return
Be sure to go back and remove the amount entered for the QBI Deduction add-back as well.
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