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You can enter your K-1 Section 199A information in the Step-by-Step interview. Once you have entered the code Z/code V/code I in box 20/box 17/box 14 (depending on which type of K-1 you are entering) you Continue, and you'll find two screens that will accept the amounts from the Section 199 Statement or STMT that came with your K-1. When you check the box next to a category on those two screens, a place will open up to enter your amounts. The applicable boxes on these screens must be completed in order for your Section 199A information to be correctly input into TurboTax.
Here are the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your Section 199A Statement:
To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.
TurboTax will complete the Form 8995-A, but if you are aggregating QBI businesses, as of 3/21/2020 TurboTax will not e-file the Form 8995-A Schedule B. As of 3/21/2020 that Form 8995-A Schedule B return must be printed and mailed. No date has been given for when the e-filed will be enabled for Form 8995-A Schedule B.
Note that I use the box 20/box 17/box 14 and code Z/code V/code I in these explanations, because these screens are needed regardless of the type of K-1 for which you are entering the Statement A - QBI Pass-through Entity Reporting:
- For a partnership Form 1065 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 20 with a code Z.
- For an S-corp Form 1120S Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 17 with a code V.
- Form a trust Form 1041 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 14 with a code of I (as in India).
