My CPA just filed 1120 S for my S.corp. I just realized Schedule K1 from 1120S doesn't show box 17 code V for QBI deduction. Does my CPA need to amend the return first before I try to file personal income tax return through Turbotax? Or Turbotax still can figure out QBI without box 17 code V information?
Thanks for any help!
You need a corrected K1 with the Section 199A (Code V) information in order to get TurboTax to calculate the QBI deduction.
Thank you for your reply!
Do I need to file as amended 1120 S or Can I send only amended schedule K1 ?
I guess my CPA needs to send amended 1120 S... Please confirm if I am right.
Thank you very much!
Yes, you are correct. You need to amend Form 1120 S in order to get your amended K-1.
K1 dos not reflect qbi deduction. Using turbotax business for an 1120s return. It is different from last year. Code V does not appear on line 17
OK, so how do you take the deduction in TurboTax? Is there some link between the 1120s and the 1040?
Yes the K-1 must have code Z through AC in Box 20 to trigger the QBI
My K-1 from both S-Corps says V *STMT. Yet nothing is flowing through to the form 8995. I was asked whether I want to adjust the amounts for income/sect 179/Wages, etc. and provided an unadjusted basis but none of that flows through to form 8995. How do I fix this? It's 3/11/20 so surely the forms are updated?