how do I provide additional QBI information on trust beneficiary's K-1 using turbotax Business?

[MelindaS1]

1. Select Forms in the upper-right hand corner
2. Under Forms in My Return select K-1 Worksheet
3. Scroll down to Line 14 Other Information
4. Use the empty lines with code ZZ to add in additional information

Se also: IRS - 1041 K-1 Instructions Code ZZ.

[skibumscrib]

Thank you for information so far. The Credit Shelter Trust (Simple type) has 5 master limited partnerships that have QBI. I want to pass through that QBI to the trust sole beneficiary. Do I manually enter the arithmetic sum of the QBI's as the Other Information on the Beneficiaries K-1? Also could you provide a step-by-step procedure to enter all the QBI to the Statement A and the Beneficiaries' Aggregation Code to be distributed to the beneficiary.

[PatriciaV]

In most cases, QBI information entered correctly in the Schedule K-1 interview will flow to Schedule K-1 Box 14 Code I and generate Statement A automatically. You can check this using Forms Mode in TurboTax Business.

1. Open your return and click the Forms icon in the TurboTax header. 
2. In the list of Forms in My Return on the left, scroll down and look for 199A Stmt A Sum (Page 1) under Form 1041. 
3. Click the form name to open it in the large window. 
4. This statement should display a separate column for each K-1 that was entered, reporting income, wages and UBIA that was entered.
5. To confirm that the Beneficiary Statement A is correct, find that form under Schedule K-1 (Beneficiary Name).
6. Statement A to accompany each beneficiary's Schedule K-1 should report the same columns as 199A Stmt A Sum, with allocated amounts as appropriate.
7. Reporting QBI separately gives the Beneficiary the option to report the information as a total or individually.
8. Click Step-by-Step in the header to return to the main screens.

If the Section 199A information for each K-1 does not appear on 199A Stmt A Sum, you may wish to review your entries under Federal Taxes >> Income >> Business Investment >> K-1s received.

1. Click Update beside K-1s received, confirm the box is checked for Partnerships or LLCs, and Continue.
2. Edit the first K-1 in the list.
3. Continue through the interview to the page "Identify Boxes That Have a Value" and confirm that Section B1 (QBI) is checked.
4. Continue to the page "Enter Qualified Business Income Deduction Information" with a sub-form displayed.
5. Work through the form to enter the QBI information from the K-1 (income, wages, UBIA, etc.). Note the embedded scroll bar in the sub-form.
6. Scroll down to Line B and double click the box for QBI worksheet to report.
7. If there is no linked worksheet, create a new copy with the name of the reporting partnership (abbreviations are fine). Click "Link" to confirm your entry.
8. Scroll down the entire form to be sure there are no entries in pink, then Continue.
9. Repeat steps 3-8 for each K-1 that you received.
10. Follow the earlier steps to confirm Statement A reports QBI for all K-1s correctly for the Beneficiary's Schedule K-1.