Qualified Business Income Pass Through

[Tigasuka]

I received a Schedule K-1 as a beneficiary of an estate trust.  Item 14 had the letter I and where an amount should be there was "STMT". Accompanying the K-1 was a form titled "Qualified Business Income Pass-Through Entity Reporting Statement A-QBI. It referenced a rental unit owned by the estate trust and had a negative amount (loss) in the line "Rental income". This amount does not appear on the schedule K-1. Where and how do I enter this QBI loss in Turbo Tax?

[DaveF1006 · Accepted solution]

It depends. To answer the questions in this section, you will need to refer to the supplementary statement that came with your K-1. Please perform the following  steps.

1. Log into Turbo Tax
2. Go to federal>wages and income>S-corps, Partnerships, and Trusts>show more
3. Schedule K-1>start or revisit
4. Now choose Estate or Trust (Form 1041)
5. Now after entering information about the Trust. it will ask you information in the boxes.  You will check Box 14 and then the other boxes that have amounts listed.
6. In Box 14.  Pick Code ! from the drop-down and then enter the negative amount.
7. Answering the questions that follow. The answers to those questions are on the supplementary statement tha came with the K-1.

[Tigasuka]

Dave

Thanks for the info on the estate QBI. I figured it was not too hard but just got stuck. Much appreciate the help.

Bruce (Tigasuka)