Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Apr 16, 2022 1:45:04 PM

Schedule K-1 line 14 code "I" error

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.

0 3 803
3 Replies
Expert Alumni
Apr 16, 2022 2:03:57 PM

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.

Level 1
Apr 16, 2022 3:04:51 PM

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.

Expert Alumni
Apr 17, 2022 10:00:28 AM

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