Problem with Trust K1 that includes Section 199A Dividends from REIT ETFs

Forum|Forum|6 years ago
February 20, 2020
3 replies
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I have a K1 with income from REIT ETFs, where the dividend income amount is specified in box 14 code I (Section 199A Information). When I enter this information into TurboTax, it asks me for "name and employer ID for the business". It looks like TurboTax is trying to create a separate qualified PTP income entity for the dividends, rather than include this income with qualified REIT dividends that I have from other 1099-DIVs. Is this a bug in TurboTax? Last year's TurboTax had separate box 14 codes for REIT Dividends (IC) and PTP Income (ID). This year, it's just got the single code (I), and I can't figure out how to get it to treat my REIT dividends properly.

Best answer by Anonymous_

@ColetteBurrus wrote:

Any suggestions on how to get it to recognize the trust's REIT dividends? I'd like to use the full QBI deduction I'm allowed.

Not really other than contacting Support (link below). I have not been successful with test returns either so there could possibly be a coding (related to linking forms) issue.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Anonymous_

Employee

That would be for the 199A deduction and you would enter the name of the PTP and EIN or, alternatively, you could enter the name of the trust (or estate) and the EIN.

ColetteBurrusAuthor

Thanks for the reply. There is no PTP/EIN associated with the REIT holdings in the trust (that's what was so confusing about what TurboTax was asking for). I tried entering the trust name and EIN. It then took me to a screen where it asked for details on the REIT dividends. I entered that information, and it now shows tentative & net REIT dividends in the K1 worksheet, but this information isn't being properly passed along to the Form 8995. The Form 8995 lists the trust name & EIN with qualified business income=0, and the Qualified REIT dividends in the Form 8995 only shows income from another 1099-DIV. Any suggestions on how to get it to recognize the trust's REIT dividends? I'd like to use the full QBI deduction I'm allowed.

Anonymous_Answer

Employee

@ColetteBurrus wrote:

Any suggestions on how to get it to recognize the trust's REIT dividends? I'd like to use the full QBI deduction I'm allowed.

Not really other than contacting Support (link below). I have not been successful with test returns either so there could possibly be a coding (related to linking forms) issue.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

randonclt

I am experiencing a problem identical to that reported here previously. I have a trust reporting 199A dividends from a brokerage statement. This shows up on my K-1 package as Section 199A Dividends on Statement A-QBI Pass-through Entity Reporting. I cannot get my downloaded version of Turbotax to recognize this entry properly. Form 8995 shows $0.

DavidS127

I believe updates to TurboTax since 3/10/2020 will resolve your issue with REIT/Section 199A dividends reported to you on your trust Form 1041 K-1.

TurboTax Online will be updated when you sign in. If you are using TurboTax Download/CD, check for updates (menu at top, Online>>Check for Updates).

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

renogeno

Just as a side question...........where exactly is this "Mark as best answer" button? I don't seem to have one.

Anonymous_

Employee

@renogeno wrote:

Just as a side question...........where exactly is this "Mark as best answer" button? I don't seem to have one.

@renogeno You can only mark an answer as the "best answer" if you started the thread. If you merely view a thread, or even post to a thread, you will not see that button.