When entering a K1 from an S Corp where to enter SSTB (Online Premier Turbotax)

[TT-Fan]

When entering a K1 from an S Corp I did not see any screen when it asked me if the company was an SSTB? Do you know where to specify that the K1 S Corp is a Specified Service Company (SSTB)?

[Anonymous_ · Accepted solution]

You will only get to the SSTB issue if you answer "Yes" at the screen in the screenshot below.

[bicknell]

But I never get this question!! How do I get it? I have a K-1 1120s, and the income amounts are higher than the threshold, so I need 8995-A, but the program assumes I am in an SSTB. I'm not, but never get the opportunity to say that. Why not?

[DavidS127]

Return to that K-1 entry section, and change your box 17 code V entry amount to zero, and the same for following screen asking about your 199A info from Statement A. Continue through end of the interview questions for that K-1.  Then, go back though the interview and enter your box 17 code V information correctly, including the followup 199A information screen.  If you see the questions about SSTB at any point, answer them "No."  Note that there is a second SSTB question about whether any income came from an SSTB owned by the S Corp.

If the above procedures do not trigger the SSTB questions, or the screen for which Community Champ tagteam provided the screenshot, I recommend that you delete your K-1 and re-enter it.

[nancylin]

I am having similar issues with my TurboTax Home and Business Windows Download version.

The turbotax interview has no questions regarding my company being an SSTB or not (mine is), so this box is not checked on my TurboTax-generated K1, and I end up erroneously getting a full 20% pass-through income deduction, when in fact, I should get no deduction at all.  Potentially a LARGE programming bug.  I deleted and re-entered my K1 as you suggested, and still no trigger SSTB question.  I called yesterday and received no help and was transferred to an automated queue that said I would receive a callback.  No callback in 36 hours now!  Any idea how to get through to TurboTax? I do not want to waste another 20 minutes going through the phone call again and walking yet another agent through the issue who cannot actually help me.  Thanks!

[Barrineau]

The problem can be resolved In the Business Tax program that generated your K-1.  View forms and look for Form 199A Act Wks.  There is a checkbox there for SSTB.  You can change YES to NO.   Make sure your Ordinary business income (loss) is entered correctly on Line 1a in the worksheet.

[nancylin]

Yes, that is what I did to get the calculations to come out correctly.  Just wanted to check that I was not missing something from the interview portion of Turbotax.  It just makes me uneasy that the software was not written for the interview process to elicit the SSTB question.  I don't normally always switch over to the forms section to check that things look right.  I assume that Turbotax takes care of that by my following the interview.  Am I supposed to manually check every one of my (what feels like) hundreds of forms?  Had I not already expected to NOT have this deduction, I would have unknowingly underpaid my taxes and gotten in trouble later.  Shouldn't Turbotax try to fix this issue?  Thanks!