Problem with Trust K1 that includes Section 199A Dividends from REIT ETFs

[DavidS127]

I believe updates to TurboTax since 3/10/2020 will resolve your issue with REIT/Section 199A dividends reported to you on your trust Form 1041 K-1.  

TurboTax Online will be updated when you sign in.  If you are using TurboTax Download/CD, check for updates (menu at top, Online>>Check for Updates).

@MSRatliff1

@jimboaz

@Mike410

@TMS17

@ReinaK

@dianeled

[renogeno]

Just as a side question...........where exactly is this "Mark as best answer" button? I don't seem to have one.

[Anonymous_]

---

@renogeno wrote:

Just as a side question...........where exactly is this "Mark as best answer" button? I don't seem to have one.

---

@renogeno You can only mark an answer as the "best answer" if you started the thread. If you merely view a thread, or even post to a thread, you will not see that button.

[hockeyboy]

Well I am still having problems with Schedule K-1 Worksheet (Estates and Trusts) Box 14 Code I entry.  I am running on MacBook Pro, and am getting the Code I entry highlighted in yellow along with the following error:

"Sch K-1 Wks Ests and Trusts <my selected name>: Box 14 Code I has been selected but no Section 199A income has been entered on Statement A".

So where exactly do I enter the "income" on "Statement A"?

Any suggestions to alleviate this issue would be greatly appreciated.  Thanks.

[DaveF1006]

Here is the order that should appear in your return in Box 14

1. if there is a I, select I in the drop down and leave the $ blank.
2. next screen asks if there are any 2018 passive loss carryovers. if there are none, leave blank.
3. If there are no QBI carryovers from 2018, leave blank
4.  Next screen will say, we see you have 199A section income here you will indicate if it is from a business or REIT income. you should have a statement or some documentation that came with your K1 that mentions this.
5. if it is from a business, it will ask you the name and EIN of the business
6. Next screen says that it needs information about your 199A income.  You should find the information on your supplemental forms or statements that you received from your K1.

[hockeyboy]

Thanks Dave.  I followed your suggested sequence of actions after totally removing my K-1, saving the return, restarting Turbo Tax and then entering in a new K-1 with only the Trust employer ID number and the beneficiary info.  Then I selected an "I" code for Box 14 (without entering any dollar amount per you instructions).  The "I" code box highlighted in yellow, but I got no "next screen".  It then dawned on me that your instructions are for the "interview process" and not entering info directly into the form (which is how like to operate).  After going into "interview" and getting to the K-1 section, following your instructions got rid if the error I was seeing.  Thanks again.

[sfshank]

For Turbotax H&B 2023 (and perhaps earlier versions), the K-1 form has an entry for "Section 199A dividends. It is located at the bottom of section D1. Just enter the number, nothing else needed, and it will flow up to the 1040, line 13.