I received a K-1 from a 1041. The K-1 has code I and Z with no amounts for either one, just the letters "STM" meaning there is a statement attached. I have two statements, Statement A and Statement C. Statement A is for QBI from a business and lists Ordinary Business Income of $1,000 and UBIA of Qualified Property of $6,000 (using round numbers). Statement C is for Qualified Coop Payments and shows Ordinary Business Income of $3,000 and Section 199A(g) Deduction of $287. Those are the only amounts reported on those statements. I've found where to enter those amounts later on in the K-1 input but towards the beginning of the input, TurboTax is asking for Box 14 Code Z info and I'm not sure what should be entered (if anything). I've included a screen shot of what I'm talking about below. Do I need to enter anything where it says "Enter description and amount of other items in the table below"?
Because box 14 code Z can be very specific to your particular trust, if you can't find the information in the STM, you will need to call the preparer of the K-1 to get the information you need to complete that Box 14 Code Z screen.
The code Z for box 14 is "Other information" with an explanation on the K-1 page 2 "See the beneficiary's instructions".
"Code Z. Other information.
If this code is used, the fiduciary will provide you with any additional information you may need to file your return that isn't shown elsewhere on this Schedule K-1."
Those instructions go on for several more paragraphs, so I encourage you to click that link to see if any of that "matches up" with the information on the STM you received with your K-1.
Thanks! I have the statements. I'm just not sure what TurboTax is needing me to enter on this screen... Does it want something like "Net QBI" as a description and then the amount from Statement A on one line and then "Qualified Coop Payments" as a description on the next line with the amount from Statement C?
The code Z information for Form 1041 Schedule K-1 box 14 is not QBI information, so it doesn't go on those QBI screens. Only your code I information is for "Section 199A/QBI".
If your box 14 code Z information doesn't "fit" into one of state income tax, you'll need to list the description and amount in that table below the state information.