Section 199A Income on K-1

[lpeterhans]

I have a K-1 that has a -1029 entry in Box 20 with a Code Z.  TurboTax's error check indicates that no section 199A Income has been entered on Statement A.  Is this correct? If so, where do I find Statement A?

[tagteam]

If you received a K-1, you should have also received a statement (or other document) with some detail on the 199A income that should be input into the program. 

Check with the partnership representative, or other responsible party, for more information.

[abadrian1083]

I have the same issue and have info enter into the program, but where is Statement A?

[FortFun]

I am having the same issue.  My partnership instructions say to manually enter Code Z in Box 20 Section 199A information and a negative number. When I run error check TT Deluxe says " ... no section 199A income has been entered on Statement A." I don't see a Statement A in my forms. What should I do?

Thanks in advance!

[FortFun]

So I called TT and got an extremely helpful representative (thanks Stephanie!). She found this solution:

"Revisit the Schedule K-1 section of TurboTax and edit the Schedule K-1, then be sure to step all the way through. When you select code Z in box 20, leave the Enter Amount box blank and step past the We see you have Section 199A income to where TurboTax will ask for the types of code Z entries related to the Qualified Business Income from the partnership shown on the code Z statement included with your Schedule K-1. After you make the dollar-amount entries for each of these, TurboTax will automatically prepare the missing statement."

Oh, other user suggested changing the code from Z to AH. Doesn't affect your taxes, but not sure I'm comfortable with that solution as my K-1 says code Z.

[cbcl]

I too am getting an error that Box 17 Code V has been selected but no Section 199A income has been entered on Statement A.

I did enter the amount next to the option to select Code V, but there was no Statement A that appeared for me to either enter the income again or verify that the income was entered.

My hard-copy confirms proper entry, why cannot I bypass this error in TT and file my return electronically? 

[FortFun]

cbcl,

Did you try the solution for my similar problem (above)? Basically, do not enter a $ amount for your code V.  Then continue on. In my case TT then requested the amount and generated the statement.

[hlb89]

Need help in being able to E mail my tax returns.

I have completed the information in refernce to Sec 199A .

I have 2 companies combined . Same ownership.

Have the correct amount on form 8995 A

Schedule B of 89-A Doe not  look correct.

[hlb89]

Thanks.

I will try,

Hlb89

[FortFun]

Have you tried contacting TT support? They are the ones who worked me through my issue. Found them to be very friendly, helpful, and best of all, free. 🙂

[DavidS127]

Entering the Section 199A information from the statement requires continuing on past the screen where you enter the code Z/code V/code I for your box 20/box 17/box 14.  As Stephanie told Community user FortFun, you must Continue past the "box" screen where you enter the code.  Don't substitute code AH, because the correct code Z/V/I is needed to correctly calculate your Qualified Business Income (QBI) deduction.  No number you enter on that box 20/box 17/box 14 page actually goes into the tax calculation, and in some cases it is better to leave the number box blank on those screens.  Only what you enter on the later screens will go into your QBI calculation.

Also, note that the actual Statement that comes with your K-1 may not be labelled "Statement A".  The "Statement" or "STMT" will be a separate "table", either at the bottom of your K-1 or on a separate page sent with your K-1 that probably has the "box 20/box 17/box 14" and "Section 199A and/or QBI".  That Statement or STMT will have one or more numbers with a description, and to enter them all correctly, you must Continue on to get all the places to enter that number or those numbers. 

Here are the screens you are looking for:

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).

@lpeterhans

@abadrian1083

@cbcl

[DavidS127]

If you want or need to aggregate any businesses, the return is still print and mail only in TurboTax.  TurboTax is working with the IRS to enable e-file for aggregated QBI businesses and the QBI netting/carryforward worksheet, but no date has been given for when e-file will be available.  

Once you aggregate, you must continue to aggregate in future years.  But, not aggregating last year does not preclude you from aggregating this year.    Refer to the IRS instructions for Form 8995-A for more information on aggregation.

@hlb89

[Kentmuhl]

I used this solution and was hopeful it would work.  It did not, I am sorry to say, at least at first.  When I ran the review it came back with the same message "...no Section 199A income has been entered on Statement A"  My Z is a negative number.   I did not know which 199A income to choose from.  I first tried the last on the list "other deductions"  That did not work.  So I tried "other income (loss)".  That did the trick.  And I believe it to be the accurate choice for my situation.  If they do not like it I am sure they will let me know.

[DavidS127]

What were the amounts and descriptions on the Section 199A Statement or "STMT" that came with your K-1?

@Kentmuhl

[Kentmuhl]

The description is "Publicly Traded Partnership Income".  It was a negative number.