Schedule K1 (1041) box 14 Code-I 199a Rental Income and other expenses

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April 16, 2025
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I received a schedule k-1 (1041 ) Final from My parents trust with the following information .

Box 14 code-i 199A information.

Rental real estate income

Non-SSTB -7,755

SSTB 0

Where do I enter this information?

Do I select I from the dropdown Code I and then enter the negative 7755 in the amount field next to the drop-down box?

Eventually the question: Does the section 199A income box 14 include business income from a business held by the trust or estate.

One can answer either:

Yes some of the income is from a business

The only section of 199A income is from dividends not business income.

If I choose some of all the income is from a business

It then ask me to enter the business name and an EIN. (The notes say Generally this would be a separate EIN from the trust)

The trust does not have a separate business employee identification number.

Do I enter the trust employee identification number instead?

Another question I have,

The from list Allocation of excess deductions

Taxes under non misc. 533

Attorney, Acct Fees ..under expenses(67e) 257

Other deductions under expenses(67e) 3886

Where are these amounts entered?

PatriciaV

Employee

1) After you enter Code I for Box 14:

Continue with the interview until you see "We see you have Section 199A information."
Check the box that applies (usually the first option).
On the page "We need some information about your 199A income," be sure to check the first box and enter at least one type of income. If it appears as a negative number, enter the amount with a minus sign.
Check any other boxes (if any) that appear on Statement A and enter the related amount.
Continue back to the K-1 summary page.

2) Yes, report this as income from the trust itself. In other words, enter the name and EIN of the trust.

3) Some excess deductions are not deductible, like attorney and accounting fees (and any that reference Section 67(b)). The taxes may be entered under Deductions & Credits >> Personal Property Taxes.

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