K-1 Schedule: Need Help re: entering QBI data for Box 14-I

[gabollin]

Confused and frustrated.  I keep getting an error for one of the K-1's I am trying to enter from an estate.  My problem is specifically related to needed to enter multiple amounts related to QBI for question 14-I.  Page 3 of the K-1 shows the following info:

Box14(I)

Qualified Business Income

Property Despcription                 Qualified Business Income         Unadjusted Basis Qualified Property

 Farmland                                                    $30,325                                             $57,490

 Grain & Oilseed                                        $10,820

On the first page of Schedule K-1 (forms 1041) I have entered the following in addition to the basis information in Part I and Part II

Part III

Line 5   $34,250

Line 11 - C $1,401

Line 14 Other information

  F - $11,905

  H - -$8,897  (this is a negative amount)

  I - STM  (this info is what I listed above taken from page 3).  Where in TT do I enter that information.  I used quick zoom but there doesn't seem to be a location for entering all of the information.

Can someone please help?  Thank you so very much!!

Gary

[MaryK4]

You must continue after you make the K-1 entries and you will see the "We need some information about your 199A income and loss."  Here you can enter the QBI and UBQP.

[gabollin]

I don't recall those questions.  Can you tell me where to enter the 14(I) data directly on to a form or worksheet?

Thanks.

Gary

[MaryK4 · Accepted solution]

You must go to the K-1 in Forms, and look for Section D1 to make the entries.

@gabollin

[FandL]

Regarding Box 14 entries for Schedule K-1 -- Trust Beneficiary.

Last year (2018) in TT, Box 14 had a pull-down selection allowing for:

Code I = Section 199A income

Code IB = Section 199A unadjusted basis

I have both of those categories to enter again for 2019 but the pull-down selection for Code I now only states "Section 199A information".

I saw in the post to go to Forms.  Doing so, the form has a Box 14 Code I but, requires a "quickzoom to enter Code I Section 199A information".

Opening that quickzoom form, it requires a "Trade or Business" name entry and an EIN. 

1.  The TT HELP says this is different than the Trust Name and EIN. (is that true?)

2.  I didn't have to enter that information (of which I don't have) in previous years.

This income and unadjusted basis is just a rental house that is in the Trust. 

Help please. 

[DavidS127]

Note that the IRS changed the trust K-1 codes in 2019.  The code IC used in 2018 for Form 1041 K-1 Section 199A information is now code I (as in India).

It is very important to Continue through the K-1 interview after you have entered your code I in box 14.  There is a screen later in the interview titled "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 14 code I information to be correctly input into TurboTax.  Check the box(es) applicable to your 199A statement and you will get a box to enter the amount.

Here is a screenshot of the page you need to complete:

Depending on the information reported with your K-1, you may also need the next screen in TurboTax for "uncommon adjustments":

Note also that TurboTax updates since 3/10/2020 have resolved some issues related to QBI, including an unnecessary question about reporting the business name and EIN. If you are using a TurboTax Home and Business Download/CD, check for updates to your TurboTax (menu at top, Online>>Check for Updates).

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.