topic Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry in Get your taxes done using TurboTax

Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

WenGong — Thu, 13 Feb 2020 07:21:35 GMT

I received my Form 1065 K-1, and under "Box 20" it shows "STMT", and with "Statement A - QBI Pass-through Entity Reporting". I do not see where on TurboTax to enter that "Statement A" in order to calculate business income deduction. Specifically, I can not enter the "UBIA" information. If checked on the forms, the "UBIA" field has no value on the "QBI Component" form or on the "8995-A" form.

Please help me understand where to enter this K-1 data so that the 8995-A will be populated with the right data to calculate business income deduction.

Thank you,

- Wen

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

Anonymous_ — Thu, 13 Feb 2020 16:23:52 GMT

The screen follows a few screens after the data entry on Line 20 (see screenshot below).

Form 8995-A is not yet available; the scheduled release date is 2/20/2020.

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

Anonymous — Sat, 22 Feb 2020 21:26:00 GMT

I found this link while searching for Statement A. Can anyone share please: does this statement get sent to the IRS or to Schedule K-1 recipients?

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

DavidS127 — Sun, 23 Feb 2020 13:43:55 GMT

The K-1 information, including the required supporting statement regarding QBI information being "passed through" (Statement A) is provided to both the IRS and the K-1 recipient.

As noted by Community user tagteam, the information from the supporting statement is entered in the applicable boxes during "box 20" entry.

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

mhabc13206 — Sun, 08 Mar 2020 23:36:22 GMT

I have a K-1 to report, Box 17 is a "V". I can report the net UBIA, but not the details of my schedule A. So, I can't finish my tax return.

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

mkandren — Fri, 13 Mar 2020 05:53:06 GMT

I am using TurboTax Business (Form 1041) for a Trust. The screenshot you show DOES NOT display for me to enter such data. In my case of the Schedule K-1 (1065), I have a QBI Pass-through Entity Reporting (Schedule K-1, Box 20, Code Z). I have three values to enter in my case:

Ordinary business income (loss)

W-2 wages

UBIA of qualified property

Yet I can enter only ONE value next to the drop down showing my selection of Code Z

Please advise. Thanks.

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

Anonymous_ — Fri, 13 Mar 2020 14:27:51 GMT

@mkandren I believe you can enter those figures in Forms Mode. Open your K-1 (Partner) and enter the figures directly on the form (Section B2).

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

DavidS127 — Fri, 13 Mar 2020 20:38:30 GMT

Continue through the K-1 interview after you have entered your code V for box 17. There are screens after the box 17 code V entry that you must complete.

In particular, there is a screen titled "We need some more information about your 199A income or loss". This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax. You'll see boxes to click for the Ordinary Income, the W-2 wages, and the unadjusted basis (UBIA of qualified property). After that screen, there is another screen for uncommon items from a Statement A or Statement C.

Here are screenshots of what you are looking for:

@mhabc13206

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

DavidS127 — Fri, 13 Mar 2020 20:57:54 GMT

Yes, as of 3/13/2020 the TurboTax Business interview screens you need to enter your Statement A information from a Form 1065 K-1 received by a trust (Form 1041) are not presenting.

As Community Champion tagteam points out, you can enter your amounts in TurboTax Business Forms mode (icon at top right in blue bar). If you scroll down and enter your amounts in the Section B-1, those amounts will "flow" to the Section B-2.

@mkandren

@Anonymous_

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

carylal — Tue, 24 Mar 2020 17:51:22 GMT

The drop down does not appear and Turbo Tax is up to date

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

Kovac1ML — Thu, 26 Mar 2020 01:12:41 GMT

I purchased stock in Energy Transfer LP in 2019. I did not realize at the time that it was a partnership. About a week ago, I received a Form 1065 K-1 listing a loss of $2,287. I am not sure how to enter this in TurboTax

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

evon-45 — Fri, 27 Mar 2020 06:33:06 GMT

I have Turbotax delux. It gives me an error:

Sch K-1 Wks-Partnerships: Box 20 Code Z has been selected but no Section199A income has been entered on Statement A.

Where Can I find Statement A?

I follow all the steps to fill out 20Z1 (QBI deduction) as it was mentioned in one of the discussion on this board: "We need some information about your 199A Income: first screen I marked EPD has other deductions... and on the next screen I checked the following: This business has short term gains (losses from the sale of business assets that are not already included in the Section 199A Income reported in Box 20. So I entered the 20Z1 value again, which is negative. I filled the value 3 times! Please help!

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

DavidS127 — Fri, 27 Mar 2020 14:05:12 GMT

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.

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount. Continue on, and you'll find the two screens. When you check the box next to a category, a place will open up to enter your amounts. The applicable boxes on these screens must be completed in order for your box 20 code Z information to be correctly input into TurboTax.

Here are the screens you are looking for:

@Kovac1ML

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

evon-45 — Fri, 27 Mar 2020 16:44:07 GMT

Yes, I did it, but the error pops out at final review saying box 20 code Z has been selected but no Section 199a income has been entered on Statement A... Where I can find Statement A? TurboTax doesn't guide you to it.???

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

DavidS127 — Fri, 27 Mar 2020 17:16:00 GMT

Statement A is the TurboTax worksheet terminology for the Section 199A information reported on the Statement or STMT for your box 20 code Z. That Statement or STMT comes with the K-1 you received.

In TurboTax Online and TurboTax Download/CD versions, the "Statement A" is the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens. Information from that Statement/STMT you received with your K-1 is entered into the applicable boxes of those screens.

In TurboTax Download/CD versions, in Forms mode (icon top right in blue bar) you can also enter this information directly into Section D1 of the "K-1 Partner" for the K-1 you received. Also, while in Forms mode you can check the Section D1 and D2 of that K-1 Partner, and also the linked QBI Component for that K-1, and the QBI Ded Summary. This may diagnose what is "happening" in your QBI deduction calculation.

@evon-45

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

jcav1 — Tue, 14 Apr 2020 00:03:59 GMT

How do you enter more than one trade or business listed on Statement A - QBI pass-through Enity Reporting. I have 12 listed.

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

DavidS127 — Tue, 14 Apr 2020 17:35:04 GMT

If the single Form 1065 Schedule K-1 you received reports 12 businesses on the Section 199A Statement or STMT associated with box 20 code Z, you'll need to indicate a choice on the "Is the business that generated the Section 199-A income a separate business owned by the partnership?".

On that "Is the business that generated the Section 199-A income a separate business owned by the partnership?" screen, TurboTax is asking if the Section 199-A income was passed through to the partnership sending you the K-1 by another partnership, S-Corp, or trust; versus being generated by the business operations of the partnership that sent you the K-1. Notice that when you indicate the QBI comes from another business, you'll get additional questions, including whether the pass-through entity is a PTP, and on the next screen the name and EIN of the business that passed through the income to the partnership that sent you the K-1.

You will need to do this with an additional K-1 entered into TurboTax for each of the 12 businesses that reported Section 199A amounts passed through to your partnership.

If you have both types of QBI on your K-1 (generated by the partnership that sent you the K-1 and passed through from another business to the partnership that sent you the K-1) you need to "split" that K-1 into two separate K-1s for entry into TurboTax: one K-1 for the QBI generated by the partnership that sent you the K-1, separate K-1s for the QBI passed through to that partnership by the other business.

Similarly, if your Schedule K-1 shows both passive and nonpassive activities, or it shows more than one type of activity, (i.e. trade or business, rental real estate, or other rentals), or there are multiple rental activities and at least one of the activities is subject to the recharacterization rules (the property type is either 5 (Self-rental) or 7 (Land)), use a separate K-1 worksheet for each activity. In other words, there should not be entries on any two boxes of boxes 1 through 3 and separate K-1's must be completed for rental activities reported on lines 2 or 3 where at least one of the rental activities is self-rented or land and there are also additional rental activities that are NOT self-rented or land.

All that having been said, when you get to the Section 199-A Statement information, you can add it together within those same categories used to "split" the K-1 (generated by the partnership vs passed through to the partnership, and type of activity).

Re: Form 1120S K-1 "Statement A -

kevhar — Sun, 26 Apr 2020 13:44:50 GMT

I continue to have the same problem where I have code V on Line 17 and enter OBI but keep being asked for info on Statement A and cannot finish return. Followed the screens as info in this site suggested, no place to put "Additional Info" which has following on Line 17 Additional Info.:

Income Items SSTB

Sect. 199A W2 wages

Sect. 199A unadjusted basis

Sect. 199A PTP income

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

LauraNM813 — Sat, 09 May 2020 19:09:28 GMT

@Kovac1ML Did you ever figure this out? I have the exact same situation thanks to Energy Transfer. My Code Z line actually is -3, so do I need to even be worried about this at all? I can't figure it out!

Re: Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

DavidS127 — Tue, 12 May 2020 20:06:11 GMT

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount on that screen. Continue on, and you'll eventually find the screen "We need some more information about your 199A income or loss". When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1. The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax.

So, you don't need to enter the $-3 on the box 20 screen. Instead, once you get to the "We need some more information about your 199A income or loss" screen, you "match" the amounts on the "Section 199A Statement or STMT" that came with your K-1 to the lines on that screen.

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.

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 K-1 Section 199A Statement/STMT:

@LauraNM813