How do I enter my Section 199A Statement amounts into TurboTax?

by TurboTax•1403• Updated 3 weeks ago

If you have Section 199A Statement amounts to report from a K-1, you'll likely be issued one of the following forms:

Form 1065 - Partnerships
Form 1120-S - S Corporations (shareholders)
Form 1041 - Trusts/beneficiaries

Each of these forms comes with an attached Section 199A Statement. You'll need this to enter your information into TurboTax using the following steps:

Enter your Schedule K-1 Section 199A Statement amounts

Open or continue your return.
Navigate to Schedule K-1:
- TurboTax Online or Mobile: Go to Schedule K-1.
- TurboTax Desktop: Search for Schedule K-1 and select the Jump to link.
Answer Yes on the Schedules K-1 or Q screen.
On the Tell Us About Your Schedules K-1 screen, select Start or Update next to the type of Schedule K-1 you received.
Follow the onscreen instructions to enter your Schedule K-1.

If your Schedule K-1 Section 199A Statement reports amounts from a specified agricultural or horticultural cooperative

K-1 businesses that receive income from a specified agricultural or horticultural cooperative get an additional statement with their K-1 that reports the income, wages, and domestic production activity deduction (DPAD) for the business.

If your K-1 business fits this description:

Open or continue your return.
On the Let’s check for some uncommon adjustments screen, check the box next to This business received income from a specified agricultural or horticultural cooperative (Schedule C). Additional boxes will open for you to make entries.
Enter the values corresponding to your situation, then select Continue.