topic Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date? in Business & farm

Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

natalie-mills — Wed, 29 Jan 2020 07:08:53 GMT

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Anonymous_ — Wed, 29 Jan 2020 16:57:43 GMT

The expected time frame for this release is sometime next week (circa February 5th).

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

jaitee — Tue, 04 Feb 2020 15:36:10 GMT

Any update on a release date?

Thanks!

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

jaitee — Tue, 04 Feb 2020 16:10:01 GMT

The new date is 2/12/20.

However...Silly me, just realized if there is no VALUE in box 20, you can bypass this.

My box 20 has "STMT" listed. So, I just went back and unchecked that there was an actual value in that box & voila! I was able to transmit my returns. I'm not using a QBI deduction anyway, so it was pointless. Too bad it took me 5 days to figure this out...hope it helps someone else.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

SD99 — Tue, 04 Feb 2020 16:25:13 GMT

Box 20 on which form? I'm so lost with this.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Anonymous_ — Tue, 04 Feb 2020 16:32:12 GMT

@SD99 wrote:

Box 20 on which form? I'm so lost with this.

That would be Line (box) 20 with a "V" code on a K-1 (1065) that you receive from a partnership or multi-member LLC. If you have not received a K-1 with that code, you can ignore this issue.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

SD99 — Tue, 04 Feb 2020 16:45:14 GMT

Thanks. I'm filing K-1s for an S-Corp, getting same message.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Anonymous_ — Tue, 04 Feb 2020 16:50:10 GMT

@SD99 wrote:

Thanks. I'm filing K-1s for an S-Corp, getting same message.

Yes, same issue with Line 17 (V code) on Schedule K-1 (1120-S).

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

sjlocke — Tue, 04 Feb 2020 16:52:43 GMT

STMT means that you look at the Schedule K-1 Statement A when entering your information into your personal return to find the amount of QBI income.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Anonymous_ — Tue, 04 Feb 2020 16:55:58 GMT

@sjlocke wrote:

STMT means that you look at the Schedule K-1 Statement A when entering your information into your personal return to find the amount of QBI income.

Exactly! I suspect one of the problems with some users is that they either did not receive a statement or, alternatively, did receive a statement but tossed it perhaps because they did not believe it was relevant.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

SalManilla — Fri, 14 Feb 2020 20:02:42 GMT

I am receiving this same error. However, I do have the statement for box 20 with code V attached to my K-1 and I entered the amounts that TurboTax prompted me for. These included Section 179 expenses. When can I expect the availability of an updated release of TurboTax so that I can continue filing my return? Thank you.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Anonymous_ — Fri, 14 Feb 2020 20:41:25 GMT

@SalManilla wrote:
When can I expect the availability of an updated release of TurboTax so that I can continue filing my return? Thank you.

That would probably be on 2/20/2020, when Form 8995-A is scheduled to be released in an update.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

smitch22 — Thu, 20 Feb 2020 13:57:01 GMT

It is 02/20/20 and I am still getting the same message.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Anonymous_ — Thu, 20 Feb 2020 15:47:13 GMT

@smitch22 Try updating again. Form 8995-A has been finalized and release for use in TurboTax.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

smitch22 — Thu, 20 Feb 2020 16:08:51 GMT

The message I am getting online is "Sch K-1 Wks-S Corporations (MY BUSINESS NAME): Activity name has entries for certain deductions such as section 179, depletion, section 59(e)(2) and other expenses that may be individually limited. For purposes of the qualified business income deduction those expenses are not yet supported. This will be enabled in a subsequent release."

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Anonymous_ — Thu, 20 Feb 2020 17:00:32 GMT

@smitch22 wrote:

The message I am getting online is "Sch K-1 Wks-S Corporations (businessremoved): Activity name has entries for certain deductions such as section 179, depletion, section 59(e)(2) and other expenses that may be individually limited. For purposes of the qualified business income deduction those expenses are not yet supported. This will be enabled in a subsequent release."

You might want to contact Support (link below) for that message in order to get information on when the update is scheduled to occur.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

mrwhite86 — Thu, 20 Feb 2020 16:05:54 GMT

I'm getting the same error and I'm all up-to-date.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

cmarg — Thu, 20 Feb 2020 16:24:48 GMT

Same issue here. Very annoying.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

Jeryl — Thu, 20 Feb 2020 17:22:10 GMT

I updated today and got the latest updates but continue to have the same error.

Re: Sch K-1 For purposes of the qualified business income deduction those expenses are not yet supported. When will subsequent release date?

wdannibale — Thu, 20 Feb 2020 18:09:44 GMT

I am getting exactly the message "Sch K-1 Wks-Partnerships (MY COMPANY"S NAME): Activity name has entries for certain deductions such as section 179, depletion, section 59(e)(2) and other expenses that may be individually limited. For purposes of the qualified business income deduction those expenses are not yet supported. This will be enabled in a subsequent release."

Does anyone know when the release will be available? And will it fix the issue?