topic Sch k-1 wks Partnerships in Business & farm

Sch k-1 wks Partnerships

LizzyF — Thu, 06 Feb 2020 00:19:08 GMT

I'm trying to file my personal taxes online and get the following message for an LLC of which I am a partner:

"...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 the purpose of the qualified business income deduction those expenses are not yet supported. This will be enabled in a subsequent release."

What does this mean? And, when will the "release" take place? Will this release free things up or will is on the end of the LLC (meaning, would I need an amended Schedule K)?

Re: Sch k-1 wks Partnerships

cleone02 — Thu, 06 Feb 2020 22:55:12 GMT

I am getting the exact same message. So just following this thread.

Re: Sch k-1 wks Partnerships

KarenM90 — Fri, 07 Feb 2020 21:12:16 GMT

The form used to calculate Business QBI (Form 8995-A) and the related deduction is not yet available. It is expected to be available on 2/20/2020.

Re: Sch k-1 wks Partnerships

cleone02 — Sat, 08 Feb 2020 00:54:42 GMT

Perfect thanks!

Re: Sch k-1 wks Partnerships

JoBuzz22 — Sat, 08 Feb 2020 15:09:23 GMT

I was confused by the same message. It is disappointing that the release/fix will not be available until 2/20/20 or later. I am following this in case any further information becomes available.

Re: Sch k-1 wks Partnerships

patrickf123456 — Sat, 08 Feb 2020 16:53:34 GMT

I too am having this problem....

Re: Sch k-1 wks Partnerships

meciccotelli — Sun, 09 Feb 2020 12:53:22 GMT

I am following this thread as well in case anything changes with the expected 2/20 release date.

Re: Sch k-1 wks Partnerships

thestosh — Tue, 11 Feb 2020 19:44:02 GMT

I am also having this issue. There have been multiple dates when it was said to be ready. How will we be notified when it is fixed? Do we just keep trying it every day?

Re: Sch k-1 wks Partnerships

Bphon2378 — Tue, 11 Feb 2020 22:08:46 GMT

I just found this thread and posted on another thread the following below. I never got any mesasge and almost filed my taxes including business and personal. TurboTax is not calculating my QBI deduction and it's not even giving me a message. At least, I have a possible release date now. I shouldn't have to be digging in the forums for this info. I"m also following this thread

"Well at least you go the message "the qualified business income deduction (Section 199A) is not yet been finalized". I'm doing my business partnership and when I selected I'd like to take the QBI deduction, it did nothing and did not apply it. I didn't realize this until I started doing my personal return and noticed it. This error would have cost me over $1000! I couldn't figure out why it wasn't calculating and even did my taxes a second time thinking I may have missed something and after 3 hours with turbotax support being bounced around, they found this thread. TurboTax customer care had no notes no nothing no information about the QBI deduction delay. It's been almost two weeks since this has been posted and no fix? I almost filed my taxes since I did not receive a memo/pop up message. Is there an ETA when it will be finalized? This is crazy."

Re: Sch k-1 wks Partnerships

LizzyF — Tue, 11 Feb 2020 22:37:36 GMT

I check back every couple of days just in case it drops before 2/20/20. I'm quite annoyed with the lengthy delay. In past years, I've had to wait a week or so for a specific form. But, it's never been this long. I'm still not clear on whether this is a Turbo Tax issue or an IRS issue. If it is TT, would the downloadable/disc version have the same issue? After nearly two decades of using Turbo Tax, I may need to research other options for next year.

Re: Sch k-1 wks Partnerships

fadzie1978 — Fri, 14 Feb 2020 19:32:34 GMT

This hasn't been fixed for a while maybe we need to try different tax software.

Re: Sch k-1 wks Partnerships

fadzie1978 — Fri, 14 Feb 2020 19:47:33 GMT

i agree with you and i may start recommending other tax software too.

Re: Sch k-1 wks Partnerships

NS37 — Sun, 16 Feb 2020 00:13:02 GMT

Everything else is ready to file, except this one issue. Hoping for earlier release.. Following for more updates.

Re: Sch k-1 wks Partnerships

rashmedic — Mon, 17 Feb 2020 04:41:04 GMT

I am following this thread as well in case anything changes with the expected 2/20 release date

Re: Sch k-1 wks Partnerships

boomer768 — Tue, 18 Feb 2020 16:42:18 GMT

I am having the same issues here. My tax expert on TT says this is a new form for 2019 tax year.

Re: Sch k-1 wks Partnerships

shanahanmsu — Wed, 19 Feb 2020 19:03:06 GMT

I am waiting as well, and I unfortunately already paid the filing fees, so it better be released tomorrow!

Re: Sch k-1 wks Partnerships

LizzyF — Thu, 20 Feb 2020 13:33:09 GMT

It's 8:30am EST and doesn't seem to have released yet. I'll keep checking throughout the day.

Re: Sch k-1 wks Partnerships

LizzyF — Thu, 20 Feb 2020 13:36:33 GMT

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

According to this schedule, it should be available as of today (it used to say 02/20/2020 and now has "available." I'm hoping it's just taking a little while for TT to get it update in their system.

Re: Sch k-1 wks Partnerships

patrickf123456 — Thu, 20 Feb 2020 13:47:05 GMT

I am still encountering the same error and it appears that there is no fix yet posted. This is terrible. TurboTax is just not delivering.

Re: Sch k-1 wks Partnerships

tolechnowicz — Thu, 20 Feb 2020 14:43:06 GMT

9:42 AM EST. Still not available...