2019 1040 QBI not calculating from S Corporation K...
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TT-Fan
Level 2

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

 
17 Replies
MinhT1
Expert Alumni

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

You need to enter the code for box 17 which is on the separate statement generated by TurboTax Business. The codes related to the QBI deduction are V, W and Z.

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TT-Fan
Level 2

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

Are you sure W to Z are valid for 2019? Unlike 2018 the 2019 TurboTax Business does not generate W to Z for S Corp K1's and the K1 Form's on IRS website says W to Z are reserved for future. When I checked the worksheets on the 2019 1040 I found that the wages is 0. In 2018 this was in Box 17 Code W but for 2019 the K1 did not have a W Code. Nevertheless to see what happens I entered W Code in the Box 17 of K1 on the 1040 with the wage amount and the QBI worksheet still shows a "0" wage. It is probably because of the "0" wage that the QBI is not calculating correctly.

TT-Fan
Level 2

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

In addition to the above when I look at 1040 QBI work sheet I see that the QBI amount and the Wages are "0" even though I tried keying in the codes "V" and "W" with the amounts in K1? Where does the 2019 TurboTax QBI worksheet get the QBI and the Wage amount?

kfink85
Level 2

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

I am having the same problem.

Anonymous
Not applicable

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

you are wrong those codes are no longer used in 2019.  the IRS has developed a new form 8995 to report qbi info.  

Anonymous
Not applicable

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

there is a new form 8995 which isn't final yet.    the s corp should not have filed because the info for pass-thru info for the qbi should be on corp's 8995 or 8995A though i suppose a supplemental schedule will do provided the IRS does not take issue with s-corp 

corbyjones
Returning Member

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

When will form 8995 be available in TurboTax? (on their website it says it is already available)

cjsirh123456
New Member

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

Code Z (for section 199A income) was entered on the K-1 input; but form 8995 and qualified business income deduction was not calculated on the 1040. Please explain why the deduction is not being calculated ?

KarenM90
Employee Tax Expert

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

Form 8995-A for QBI deduction (Section 199A) is now expected to be available on 2/20/2020.  

 

I am attaching the Forms availability list for both TurboTax, as well as IRS.  

 

Forms need to be finalized and approved by IRS before they will accept e-filed returns using these forms through Turbo Tax.

 

Turbo Tax Forms Availability  TurboTax Forms Availability

 

IRS Forms Availability  IRS Form Availability

 

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Daforster
New Member

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

How frustrating. I just spent the last three hours trying to figure out what I was doing wrong before stumbling across this thread. 

 

If there is a timing issue with finalizing forms, why not simply have Turbotax do what it is expected to do, perform the calculations and fill out the pending forms and then include a check prior to filing to ensure all the forms are up to date before E-filing? Allowing customers to stumble across known application deficiencies does not provide for a very good customer experience.

frankyt
Level 1

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

Hi - it seems the new 8995 forms are still not available in TurboTax Business.   K1 Line 17 is still showing *STMT  Will the forms be ready on time to file ?  

KarenM90
Employee Tax Expert

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

 

The *STMT means that there is additional information needed (from the S Corp Statement) to complete the calculation, you can view this information if you go into Forms Mode.

 

The forms are now available, so please try a manual update of your software. Here is a link that will help you with that process:  Manual Update for Desktop 

 

If you are still having this issue, please contact Product Support and ask them to push you a new copy of the software.  Here is a link for Customer Service/Product Support:  Customer Service and Product Support Contact Info 

@frankyt

[Edited KarenM90, 2/29/2020, 2:55 pm]

 

 

 

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HoosierJeff
New Member

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

Can somebody confirm that form 8995 is actually part of the S-Corp filing?  I am using Turbotax Business.  I just did the manual update per the above post, and do not see form 8995 anywhere in forms.  Does this form exist only in my personal return?  I followed the QBI questions on the step by step and I am showing K1 box 17 with V * then STMT, and then Statement A QBI, as well as 199A.  No 8995 anywhere. 

Ganado123
Returning Member

2019 1040 QBI not calculating from S Corporation K1. Entered Box 17 value even though the Box 17 has STMT which was generated by TurboTax Business

Hi

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