We have a basic family trust that bought a single family rental home in 2021. On the K1 Box 7 we have 4. of Net rental real estate income. Box 9 has 5,544 in Directly apportioned deductions. Box 14 Code I has -5,538 in total qualified non-service income. Box 14 Code I - Unadjusted basis of 282,707.
There are two areas I'm having trouble with. After entering all the info I get the "Participate in this activity? question. This seems address if this is "QBI" or not. Regardless of what I respond here I come to a scree that has "We see you have Section 199A income" I check "yes", (the other option being 199A dividends or REIT dividends). This takes me to Name and employer ID number for the business. I can't get passed this without entering something, but I have no business entity set up or plans to do so. Any thoughts on how to get passed this? Thank you!
