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.
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.
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.
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.