2019 form 1065 K-1 Code Z Statement A vs C being generated by TT business

[lw15]

Is there a way to enter form 1099-PATR box 6 'Domestic Production Activities Deduction' for patrons of an  agriculture cooperative so Turbo Tax will generate the K-1 Code Z Statement C 'QBI Pass-Through Entity Reporting—Patrons of Specified Agricultural and Horticultural Cooperatives' information for LLC members?  Without being able to enter the box 6 information TT is currently generating Statement A 'QBI Pass-Through Entity Reporting' instead.  Would prefer not to have to generate the correct K-1 and Statement forms manually then have to mail versus efile tax forms.

[ColeenD3]

Please see the two answers in this LINK. They are the solutions for the online and desktop versions.

[lw15]

Both of the options shown in the link seem to be for someone who is self employed and entering the 1099-PATR information on their personal return.  In this case I'm using the desktop version Turbo Tax Business to generate a form 1065 and associated schedule K-1 for a multi-member LLC (considered a partnership for income tax purposes).  The 1099-PATR box 6 DPAD data from agricultural coops should be allocated to the LLC members by Schedule K-1 box 20, Code Z, Statement C.  However, Turbo Tax is currently generating Statement A and haven't been able to find a way for Statement C to be generated instead.

[lw15]

Forgot to mention in the response above, but once the LLC members receive the Form 1065, Schedule K-1, Statement C QBI and DPAD information they will need to complete Form 8995-A, Schedule D to determine how that information will be applied to their individual income tax returns.

[lw15]

The 2/24/2020 update to TT Business now partially supports Form 1065 Schedule K Statement C.  To utilize:

Switch from 'Step-by-Step' to 'Forms' mode.

Select the '199A Act Wks' form.

In the 'Statement C Information Section' at the bottom of that worksheet form, enter the DPAD value from box 6 on the 1099-PATR form received from the cooperative on the last line 'Section 199A(g) deduction from 1099-PATR' of the worksheet.

A Statement C will then be generated in addition to (versus replacing?) Statement A for each partner/member with that partner/member's allocation of the DPAD value.

However, since the '199A Act Wks' worksheet does not support the entry of the cooperative name or FEIN, will then need to select the Statement C for each partner/member and override the blank fields for 'Cooperative's Name:' and 'Cooperative's EIN: to enter that information.

Then can switch back to 'Step-by-Step' mode to continue processing the return.

[DaveF1006]

For the purposes of the qualified business deduction, these need to be reported on a 8995A.  This form has not been released by the IRS.

Here is the latest updates on when the forms will be released by the IRS. Please review this IRS link. for information on the latest updates. Looks like 2/28/2020 for the 8995A form.

[lw15]

Thanks, I agree that once file individual 1040 tax forms will need to complete form 8995-A (and have seen a series of posts about issues with that forms release) but this stream was about filing an LLC (pass through entity) form 1065 (due mid-March) to report the allocation of DPAD from an ag coop to the LLC being passed on to the LLC members (who will then need form 8995-A).  To complete the 1065 form needed to be able to access Schedule K-1 Statement C.  As noted, there seems to be a 'work-around' for that portion now, although somewhat cumbersome depending on number of members.  Also, as just posted separately need to be careful to ensure Statement C gets printed when sending K-1 forms to members.