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QBI not calculating even though K1(1120s) box 17, code V is populated. How do I fix this?
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Business & farm
I am having this same issue - and I've filled everything out same as last year. For some reason it's not picking up the QBI for either of the K-1 business's I have.
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I was on the phone with Turbo Tax twice and no answers from them. I was told I did it right...
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Business & farm
The program is simply not complete with respect to Line 17 (V code) and QBI (see screenshot).
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Business & farm
Thanks so much! Do you happen to know when it will be enabled? Like the other post, it worked just fine for me last tax year.
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I think the best guess at this point is circa 2/5/2020 (the date when Form 8995-A is supposed to be released.
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QBI deduction is still not working for me. Has anyone else been able to resolve their issue with the deduction?
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Business & farm
In TurboTax Self-Employed, follow these directions to report 1120S income and a qualified business income deduction.
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Wages & Income.
- Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
- At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
- For several screens, you will be entering data right off the K-1 form.
K-1 1120S box 17 information is entered under code V. If the K-1 has no dollar amount, the Section 199A income will be on an attached statement.
At the screen We see you have Section 199A income you will probably choose The income comes from the S corporation that generated this K-1.
At the screen We need some information about your 199A income, you will likely enter:
- the income line,
- a W-2 wage line and
- a UBIA of qualified property line.
Hopefully this information is on an attached statement if the information is not listed on the K-1 itself.
You want to reach the screen Great news! You get a tax break if you qualify for a qualified business income deduction.
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