For 2018, I have a K-1 from my S-corp for $23,000,...
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travwhite
New Member

For 2018, I have a K-1 from my S-corp for $23,000, my Taxable Income is $204,000 married, filing jointly. How do i amend my TurboTax to reflect deduction?

 
3 Replies
KarenM90
Employee Tax Expert

For 2018, I have a K-1 from my S-corp for $23,000, my Taxable Income is $204,000 married, filing jointly. How do i amend my TurboTax to reflect deduction?

Can you clarify?  Are you saying that there is a loss on a K-1 for $23,000 that was not included with your originally filed 2018 tax return?

 

To amend your 2018 tax return, follow these steps:  

 

1.  Sign in to your Turbo Tax Account

2.  Scroll down to  Your tax returns and documents and select Amend (change) 2018 return, then Amend using Turbo Tax Online.

3.  Select the reason you are amending and Continue

4.  Answer the questions about your Federal return to add in the additional K-1, then begin amending your State return (if applicable)  .." (Please note that you only need to make changes to the areas needed.

 

It does take up to 12-16 weeks for more for Amended returns to be processed and they do need to be printed and mailed.

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travwhite
New Member

For 2018, I have a K-1 from my S-corp for $23,000, my Taxable Income is $204,000 married, filing jointly. How do i amend my TurboTax to reflect deduction?

No.  After payroll, net income to the S-Corp was $23,000 gain.  This was input to TurboTax, which correctly treated it as income, but I have since learned that small businesses, including S-Corps, can deduct 20% from that number as a Qualified Business Income deduction.  It looks like it qualifies, but TurboTax did not apply the 20% deduction under the new law.  When I try to amend my 2018 return, there is no selection allowed to even try and put this in on line 9 as a Qualified Business Income deduction.  

DianeC958
Expert Alumni

For 2018, I have a K-1 from my S-corp for $23,000, my Taxable Income is $204,000 married, filing jointly. How do i amend my TurboTax to reflect deduction?

If your S-Corp qualifies for the Qualified Business Income Deduction the information shows in Box 17 of the K-1 from your S-Corp.  If you did not mark on your S-Corp return that it qualifies  for the Qualified Income Deduction you need to amend your S-Corp return to have the information populate Box 17 on your K-1 and then you report it on your individual tax return.

 

@travwhite

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