Schedule K-1 line 14 code "I" error

Forum|Forum|4 years ago
April 16, 2022
1 reply
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I get 1error message when run smart check and it is for line 14 on the Schedule k-1, with the code "I" section 199a information. My K1 info that was received says for box 14, code i - section 199A reit dividends. I am unable to override this "i" error, as that box shows red. If I change it to "z" other information it accepts it, but that is not accurate as what was reported by the trust. this is not a business. also TT has not generated forms 8995, 1116 or a 8801 (line 12 code J), has it has in years past. Any ideas? Thanks.

AliciaP1

Level 13

You should leave the amount for Box 14 code I blank when entering your K-1 in TurboTax. It will then move to a screen asking "We need more information about your Section 199A income". At the bottom of this screen is a checkbox for "has REIT Dividends", check this box and enter the amount. This should create the Form 8995 and you should be set to continue.

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TaxDiva2022Author

Level 2

Thank you, but how on earth would I have known that? there is nothing that says don't put a dollar amount in when completing the questions that have a box for an amount...and that you'll be asked about it later in the step-by-step?

Still hasn't generated 1116 or 8801 though.

AliciaP1

Level 13

Box 12 code J itself should not create a Form 1116 since it pertains to AMT, not Foreign Taxes. It also will not create a Form 8801 if you do not have an AMT credit to calculate for prior AMT paid.

@TaxDiva2022

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