K-1 199A

[bmoore4718]

i am confused as to what I need to fill in on the k-1 line 17 199a, is looking for a box to be filled in by text.

[tagteam]

Is this for an S corporation return (1120-S)?

Are you preparing the return or just trying to enter your K-1 into that section of the TurboTax program?

[bmoore4718]

Yes I am preparing the 1120s for 2018.

[tagteam · Accepted solution]

Are you using TurboTax Business?

The program will walk you through the QBI deduction and generate a 199A Supplement statement (for Line 17) to include with a shareholder's K-1.

[Mountain_Business1]

Do I input the UBIA of qualified income listed on 199A Statement A Summary on my personal return's K-1 line 17 V?  My K-1 has STMT. My 199A has a dollar amount for UBIA of qualified property.

[tagteam]

@Mountain_Business1 For the time being, you should probably just enter information from your K-1. The QBI component is not yet supported for K-1 purposes (see screenshot).

[John Hurd]

In Box 17 on the K1 for the owners, you use "V".

When the owner then puts this K1 into his/her 1040, after answering the other questions inputting the K1, they will get to Box 17 where they also put in "V". Assuming the answers to the other questions are inline with what is need to get the QBI deduction, it will pop into the 1040. Note: this only worked for me today (1/29/2020) when I updated TurboTax to pick up the latest. It wasn't finished last week.

[lkeener]

When and how will we know when the QBI will be supported on the K-1. I have a red letter V there now and can do nothing with it. Mine is still not working.

[tagteam]

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@lkeener wrote:

When and how will we know when the QBI will be supported on the K-1. I have a red letter V there now and can do nothing with it. Mine is still not working.

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The issue should be rectified circa February 5th (hopefully sooner).

[ftmackinc]

So, by Feb 5th line 17 should have a drop down option of a V* and the ability to enter STMT where the amount goes?  That is what the 1120S turbotax software generates on the K-1 and also what the IRS instructions state you are to enter.  Thanks,

[tagteam]

@ftmackinc 

You might want to update your software now and make another attempt.

There is a (very) recent update which appears to have resolved the issue. I tried entering a test K-1 (Line 17, V code) and it worked, so give it another shot.

[ftmackinc]

Nope, just tried it.  While you can get the V code and enter an amount, you can not get the V* code and enter "STMT" in the field as it shows on the K-1 as well as in the IRS instructions.  I think you only tried the V code by itself or you have a release that has not been distributed yet.

[tagteam]

@ftmackinc Which version of TurboTax are you using? I have TurboTax Home & Business. 

Also, you are not supposed to enter "STMT" in the field, you are supposed to enter a value.

[lkeener]

I file an 1120S for the business, which generates a K1. Then I use the standard TurboTax for individuals. The 1120 K1 puts a V in Box 17 with "Stmt". But there is no statement and no number anywhere. Last year there was a 199a statement, but not this year. Don't know why. On my 1040 in TurboTax the V in Box 17 shows up red and even if I put a figure in there (I know what the figure should be), nothing happens. I tried it again a couple hours ago and still no luck.

[ftmackinc]

using Turbo Tax Deluxe for the personal return.

Turbo Tax Business generated the K-1 that has V* as the code for line 17 and the word STMT where the amount normally shows.  The IRS Publication says that is what it is suppose to show and V* is a valid code for the entry on the tax return with the work STMT in the amount field.  Then the numbers are entered on another section to calculate the tax credit which is what STMT refers to.

My assumption is you do not work for Intuit?