K-1 Line 14I *STMT

[oggiejax]

Where do I find the dollar amount to enter on line 14I of the K-1 and why doesn't Turbo Tax easily identify that number?

Income reported on K-1 line 7 is vastly different from the income amount referenced on the 199A STMT.

Thanks,

[PatriciaV]

If your Schedule K-1 has "STMT" on any line, look for the supplemental information that came with the K-1. This "statement" has the info you need to enter for this line.

[oggiejax]

Hi,

I actually have two statements with the K-1.  199A Statement A Summary and a QBI Pass-Through Statement A, each with different income amounts.

I filed using the full Net Income amount, without reducing for depreciation.  The QBI Statement Income amount appears to be Net Income, less depreciation.

I believe that I filed using an inflated QBI allowance.  Should I immediately file an amendment or wait and let IRS make the adjustment?

Thanks,

[oggiejax]

Hi,

I am realizing that the 199A Statement is for the full income, however, I share that income with my brother and that is why the QBI statement is for only half of the 199A Statement amount.

Just to confirm, QBI allowance is Net Income less any depreciation allowed?

Should I file an amendment?

Thanks,

[JamesG1 · Accepted solution]

199A Statement A Summary is used to compute the qualified business income deduction on IRS form 8995 or IRS form 8995-A.

The change may not result in a different bottom line.

Rather than file an amendment, you may choose to select Amend (change) return and see if the change will result in a different bottom line result.