Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

[tagteam]

The expected time frame for this release is sometime next week (circa February 5th).

[jaitee]

Any update on a release date?  

Thanks! 

[jaitee]

The new date is 2/12/20. 

However...Silly me, just realized if there is no VALUE in box 20, you can bypass this. 

My box 20 has "STMT" listed.  So, I just went back and unchecked that there was an actual value in that box & voila!  I was able to transmit my returns.  I'm not using a QBI deduction anyway, so it was pointless.  Too bad it took me 5 days to figure this out...hope it helps someone else.

[SD99]

Box 20 on which form?  I'm so lost with this. 

[tagteam]

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@SD99 wrote:

Box 20 on which form?  I'm so lost with this. 

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That would be Line (box) 20 with a "V" code on a K-1 (1065) that you receive from a partnership or multi-member LLC. If you have not received a K-1 with that code, you can ignore this issue.

[SD99]

Thanks.  I'm filing K-1s for an S-Corp, getting same message.

[tagteam]

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@SD99 wrote:

Thanks.  I'm filing K-1s for an S-Corp, getting same message.

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Yes, same issue with Line 17 (V code) on Schedule K-1 (1120-S).

[sjlocke]

STMT means that you look at the Schedule K-1 Statement A when entering your information into your personal return to find the amount of QBI income.

[tagteam · Accepted solution]

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@sjlocke wrote:

STMT means that you look at the Schedule K-1 Statement A when entering your information into your personal return to find the amount of QBI income.

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Exactly! I suspect one of the problems with some users is that they either did not receive a statement or, alternatively, did receive a statement but tossed it perhaps because they did not believe it was relevant.

[SalManilla]

I am receiving this same error.  However, I do have the statement for box 20 with code V  attached to my K-1 and I entered the amounts that TurboTax prompted me for.  These included Section 179 expenses.  When can I expect the availability of an updated release of TurboTax so that I can continue filing my return?  Thank you. 

[tagteam]

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@SalManilla wrote:
When can I expect the availability of an updated release of TurboTax so that I can continue filing my return?  Thank you. 

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That would probably be on 2/20/2020, when Form 8995-A is scheduled to be released in an update.

[smitch22]

It is 02/20/20 and I am still getting the same message.

[tagteam]

@smitch22 Try updating again. Form 8995-A has been finalized and release for use in TurboTax.

[smitch22]

The message I am getting online is "Sch K-1 Wks-S Corporations (MY BUSINESS NAME): Activity name has entries for certain deductions such as section 179, depletion, section 59(e)(2) and other expenses that may be individually limited. For purposes of the qualified business income deduction those expenses are not yet supported. This will be enabled in a subsequent release."