QBI from K-1 and Brokerage statement

[1881onanvil]

I'm using Turbo tax 2024 and having an issue with QBI. I have a K-1 with a QBI entry as well as QBI from a brokerage statement. The QBI from the brokerage statement shows up on form 8995 but the QBI from the K-1 does not. Ive checked my entries on both and they appear correct. How do I get the K-1 QBI entry to propagate to the 8995 form?

[JamesG1]

For IRS Schedule K-1 (1065), at the screen Enter Box 20 info, select code Z Section 199A information.  A value does not have to be entered.

Then click Continue.

At the screen We need some information about your 199A income, click the box to the left of the item to be entered.  An entry box will open.  You may be entering:

• Ordinary business income (loss) from this business,
• W-2 wages for this business, and
• UBIA of qualified property for this business.

The preparer of the Schedule K-1 and attachments should include the information that is to be entered.  These values are needed for the qualified business income deduction to be calculated.

[1881onanvil]

Thanks for your response. I should have clarified what type of K-1 I received -  It is a K-1 form 1041 for a trust. In box 14, there is a letter "I" and on an attached statement it has $270 as section 199A dividends. Again this value does not show up on form 8995 with my brokerage 199A dividends.

[JamesG1 · Accepted solution]

For IRS Schedule K-1 (1041), at the screen Enter Box 14 info, select code I - Section 199A information.  A value does not have to be entered.

Then click Continue.

At the screen We need some information about your 199A income, click the box to the left of the item to be entered.  An entry box will open.  

Not sure which entry you will be making.  Please refer to the material provided by the preparer of the Schedule K-1.

Enter these value(s) for the qualified business income deduction to be calculated.

[1881onanvil]

It worked! Thanks