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Level 5

Schedule K1 (Form 1041) Box 14 Code i

As a trust beneficiary  I received a K-1 (farm trust). In box 14  Code i  the STM  states "includes income from land rental. Per IRS Regs this only qualifies for the Section 199A deduction if it is self-rental OR rises to the level of a trade of business."

 Under Qualified Business Income $9575 is shown.

Total Real Estate Investment Trust (REIT)  Dividends  under  Unadjusted Basis Qualified Property $345 is shown.

 

Where on my tax forms do I place these dollar amounts?

2 Replies
Level 7

Schedule K1 (Form 1041) Box 14 Code i

TT has codes for those two on the line 14 page....the program should take care of that....whoever did the trust return figured out it was qbi.

Level 5

Schedule K1 (Form 1041) Box 14 Code i

Im using the Turbo Tax Premier. Do I just "click" on Line 14? If so do the needed codes appear?