If I enter K-1 Box 14 Code I 199A REIT dividends, TT treats it as QBI? A response to a similar question said to enter IC but my drop down box does not have IC?

My K-1 is for a Trust Beneficiary not a QBI or PTP. TT screen says Enter Box 14 info with I being Section 199A information. (No selection for IC as suggested in a previous posting). A screen then asks for business information for PTP? My Box 14 Code I is Section 199A REIT Dividends on my K-1. I tried overriding on forms and transferring the amount to 8995-A, Part IV, Line 28 but then in review TT warns that the override can prevent e-filing? Help

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Level 15

Mar 5, 2020 7:25:10 AM

@MaxG wrote:

Thanks but it is neither PTP nor QBI...i

I understand; it is the REIT component that is causing the issue.

See https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

Level 15

Mar 4, 2020 4:10:58 PM

@MaxG wrote:
A screen then asks for business information for PTP?

That is most likely because you received REIT dividends passed through from the trust and you can either enter the name of the PTP (if you know it) or simply the name and tax ID number of the trust.

Level 2

Mar 5, 2020 7:07:07 AM

Thanks but it is neither PTP nor QBI...it is dividends passed to a beneficiary of a Trust that TT is not treating properly and not propagating to the appropriate 8995 or 8995-A form for the deduction. If I manually correct 8995-A, I receive a warning in review that I might not be able to e-file....which is kinda the whole point of TT.

I was on the phone for over an hour with a TT CPA who was baffled. I have been told they are "working on it" but looking at comments it has been quite some time.

Level 15

Mar 5, 2020 7:25:10 AM

@MaxG wrote:

Thanks but it is neither PTP nor QBI...i

I understand; it is the REIT component that is causing the issue.

See https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

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If I enter K-1 Box 14 Code I 199A REIT dividends, TT treats it as QBI? A response to a similar question said to enter IC but my drop down box does not have IC?