How do I enter qualified business income (QBI) from a K-1 into TT? I found no way to do so and I could not override the QBI simple or QBI deduction summary forms?

[KathrynG3]

Earlier in the thread, the request for support was for partnership Schedule K-1's. These Schedule K-1's report Qualified Business Income Deduction details in Box 20.

Try using these steps for this question for Schedule K-1 Box 20 Code Z needing Statement A.

Be sure to answer all the questions, as TurboTax Expert DavidS127 notes regarding inputting details for Box 20 Code Z: Continue through the K-1 interview after you have entered your value for box 20 code Z. 

Enter the code Z when you enter the K-1, but you don't need to enter an amount. 

Continue on, and there is a screen near the end of the interview titled "We need some more information about your 199A income or loss". 

This screen must be completed in order for your box 20 code Z information to be correctly input into TurboTax.

@Ed627

@Bphon2378

@0q548di

[PinkDrinks]

The same works for S-Corp only its line 17 code V.  Therefore, when you input your K-1 while doing your personal return, be sure to select that line 17 has something on it, even if you know it's only a code "V" and "STMT".  When you tell TT there's something on line 17 of the K-1 and then click "continue", all the options you need for the calculation to flow will open up.  If you don't tell TT there is something on line 17, it will not flow to the QBI worksheet and summary.

[stevenemx]

you saved me, thanks.  I would add, when you continue through the menus, there are a bunch of selections, one of them asks Ordinary Business Income, which is where you enter the Business Income.  Then QBI is populated. 

[DawnC]

You are welcome - glad you got it working!