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M
mk12
December 24, 2019
Question

QBI Entry from K1- 1041 ('STMT' for value)

  • December 24, 2019
  • 1 reply
  • 0 views

I am entering a K1 (Form 1041) from an Inheritance/Estate for a personal return.

 

 The K-1 states that the QBI needs to be calculated, so there is 'STMT' instead of a value. ABC Investors is a partnership that invests in real estate.

 

Please explain the correct way to calculate and enter QBI based on the below information...

 

 

 

1 reply

A
Anonymous_
Employee
December 24, 2019

You have four entries that need to be made in Box 14 (I Code) in TurboTax.

 

The program will do the calculations for you; all you have to do is select the dropdown codes and enter each figure (see screenshot).

 

box14.png

    M
    mk12Author
    December 27, 2019

    What about the 5th item - Ordinary Income? See the 5th item below the 4 items you showed in my original image. 

     

    Also, how does TurboTax figure out if it needs to consolidate for QBI or not?

     

    How would I compare consolidated QBI vs not?

     

     

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