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Business & farm
The Qualified Business Income deduction is new starting in 2018, but in most cases provides a "20% of income" deduction from your taxable income for qualified business and estate/trust income.
Multiple Qualified Business Income (QBI) entities reported on a single K-1 require that a separate K-1 be entered for each entity reporting QBI (Section 199A amounts). For each K-1, the Section 199A amounts associated with your box 14 code I (India) are entered on the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens that follow (several screens after) the last "box" screen.
Because your K-1 is reporting Section 199A information generated by the estate/trust and Section 199A information generated by at least one additional "passthrough" entity, you'll need to "split" this K-1 into separate K-1s for entry into TurboTax. Enter one K-1 with only the "box" amounts generated by the "main" estate/trust, and an additional K-1(s) with only the "box" amounts generated by each separate passthrough entity.
During the first part of the K-1 entry, all the separate K-1s use the name, address, and EIN of the "main" estate/trust shown in Part I and Part II of the K-1 you actually received.
The boxes 1-14 on the K-1 you received are the combined totals of the main estate/trust and the passthrough entity. You must figure out how much of each box 1-14 is for the main estate/trust versus each passthrough entity, and that is the "split" you use to enter the box 1-14 on the separate K-1s. The total each numbered box for your separate K-1 forms must equal the total for that box on the K-1 you actually received. For example, all box 1 amounts on the separate K-1s should add up to the box 1 amount for the actual K-1 you received. If you can't figure (deduce) that "split" from the information you have, you will need to contact the preparer of the K-1 to get those amounts.
The Section 199A Statement you received for box 14 code I should already "split" the Section 199A amounts between the entities, so you enter the Section 199A amounts for each entity on the K-1 you've created for that entity.
Note that when you enter each K-1, you'll encounter the question "Does the Section 199A income (from box 14) include business income from a business held by the trust or estate?". When you answer Yes, TurboTax will ask for the name and EIN of each pass-through entity.
After this, you'll get the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens to enter the amounts from the Section 199A Statement that came with your K-1.
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