k-1 form1041

Forum|Forum|1 year ago
March 1, 2025
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I have schedule k-1 form1041. There a dollar amount in box 6 and a different dollar amount in box 14 with an F code, there is also another code of 1* in box 14. I'm not sure what the code 1*is for and if I need to enter it in somewhere...can you please tell what to do about the 1* code in box14?

DianeW777

It depends. The following information is what is entered in Box 14, of your K1.

Code F. Gross farming and fishing income. The amount of farming and fishing income is included in box 6. This income is separately stated to help determine if you are subject to a penalty for underpayment of estimated tax. Report the amount of gross farming and fishing income on Schedule E (Form 1040), Supplemental Income and Loss, line 42.
The asterisk (*) indicates you should have a statement explaining the information.
1 means there could be qualified business income deduction (QBID) - which should also be included in your statement
- By selecting Code I in Box 14, Section 199A information - this is the same as QBID (see the image below)