For explanation purposes, I will use $150,000 as the 1065 line 22 amount. We have three partners. When I check the individual K1-199A Supplement forms, each form has the amount $50,000 listed as QBI code Z. The activity is listed as "1065 Line 22." This appears correct, as the 1065 line 22 amount should be divided by 3 in order to equally allocate to each partner. Because this is the only QBI for the Company, the "Total" for QBI code Z is also $50,000 for each partner. These numbers are correctly indicated on the K1-199A Supplement forms. So far, so good...
The problem is with the 199A Summary Worksheet. The only entry on this form is in the "Total Amounts by Activity" table. In the first line of this table, under the "Activity" column is listed "1065 Line 22". The amount listed under column "QBI code Z" is $150,000. This is the only entry, so the Total for the "QBI code Z" is also $150,000. This information appears to be correct. It also is the total of the amounts on each of the K1 - 199A Supplements. Again, so far so good.
When I run the error check to verify that the return is ready to file, one error occurs. The error is with the 199A Summary Worksheet. The error message indicates: "Form 1065 p4-5 - 199A Sum Wks: Activity total: QBI tot exceeds the sum of totals from all copies of the Schedule K-1 - 199A Supplement by 2. Adjust Schedule K-1 amounts as necessary"
However, the amount of $150,000 shown under QBI Total is exactly the sum of the three individual K-1 Supplements which are $50,000 each. Is this a bug in Turbo Tax, or am I missing something? Turbo Tax will not allow me to e-file while this error is present.
Yes
No
