Qualified Business Income Deduction

snester24 · ‎April 10, 2020

A trust for which I am the trustee received a form 1065 from a partnership, recognizing rental real estate income for the trust. I would like to recognize the QBI deduction on my personal return without recognizing the rental real estate income (it has already been recognized on the trust return). Can someone walk me through how to do this in TurboTax?

MaryK4 · ‎April 10, 2020

When you are completing the section for the K-1, you will have to have the Box 14 Code I for the 199A Income. You will see the page below:

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snester24 · ‎April 11, 2020

Hi Mary,

I went through the following steps in entering the K-1 information and did not see the prompt you mentioned below. Would you be willing to send me the prompts that lead to the one you mention below?

MaryK4 · ‎April 11, 2020

Here are the screens starting with the K-1 Box 14 entry:

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snester24 · ‎April 11, 2020

For the Enter Box 14 info screen, I do not see "l. Section 199A information."

Instead, I see the following as codes I can enter:

A. Net earnings (Loss) from Self-Employment

B. Gross farming or fishing income

C. Gross non-farm income

Do you know why I don't see what you see?

MaryK4 · ‎April 11, 2020

Because we cannot see your tax return, you may want to call in so a live assistant can help. See What is the TurboTax phone number?

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Qualified Business Income Deduction