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
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.
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
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.
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.