Qualified Business Income Not Included on Form 8995

[JamesG1]

The qualified business income deduction and IRS form 8995-A will not be released until February 20, 2020.

Please see this and this.

[ericinmaryland]

Is that a firm date, because its slipped 3 times.

[JohnB5677]

I've seen and can enter the 8995; however the 8995A is not available until a scheduled date of 02/20/2020.  Scroll to the bottom of the page to see status of 8995A.

 IRS forms availability table for TurboTax individual (personal) tax products

Select your situation below to locate your 2019 form or schedule.

• TurboTax Online/Mobile (web, iOS or Android)
• TurboTax CD/Download for Windows
• TurboTax CD/Download for Mac

From <Federal FORM availability>

[mdin]

Hello and thank you! I see that the worksheet is there and form 8995 is there and that 8995A says DO NOT FILE.  I'm assuming that is because they aren't yet available.  Do you know if  the availability of these forms will also clear up how to enter a dollar amount in box 17 in the easy step questions? Line 17 of my K1 says V and *STMT.  No amounts listed.  I know there has been a change in the codes for 2019. Different than last year when there were amounts for codes V and W-- although both amounts do now appear in the attached statement reported under "1120s, line 21".  Is there  reason to hold off filing my 1120s in case there is a change in how the K1 is completed?  Def want to avoid  having to amend!  Thanks so much for your help!

[ericinmaryland]

I have been unable to use 8995 even though its reported as available.

[tagteam]

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@mdin wrote:

Do you know if  the availability of these forms will also clear up how to enter a dollar amount in box 17 in the easy step questions? Line 17 of my K1 says V and *STMT.  No amounts listed.  

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You simply need to input a dollar amount on Line 17 and, subsequently, you will see the screen below (where you will enter detail).

[ericinmaryland]

So in 2018 the reference to STMT was for the K-1 199A Stmt. There were no values on line 17 only references to V,W,x. That form was created by Turbotax, yet I dont see that statement in my 2019 1120 SCORP return.

So the question for me is why?

[ericinmaryland]

It looks to me as if Statement A is the replacement?

Line 17, Other information
Section 199A (QBI) Information
If this return contains Section 199A (QBI) information to report to partners, Code V will appear in Line 17 and Statement A will be included with each K-1. Code V is now the only code that will appear in relation to 199A information, in line with new reporting requirements starting with the 2019 tax year. Please see the government instructions for more information.

From Schedule K, line 17, lines marked by the corresponding code (A or B) multiplied by shareholder's percentage of stock ownership for the tax year (Item F above). Items C through AC list only the code, followed by " * STMT" on the face of the K-1. Supporting information for these items must be entered on the Supplemental Information Smart Worksheets on the K-1s or on the Other items to be reported on Schedules K-1 Smart Worksheet on Schedule K above line 18.

Other Form 3468 detail from lines 6 through 7 of that form flows here."

[mdin]

Thanks.  Which dollar value would I enter for 17? just the ordinary income (V)? or do I add in the wages(W) as well. I see that the page you attached  that should follow will ask me to check the boxes for each but it seems odd that I would put in a dollar amount prior to seeing that question.

[mdin]

Update--I put in a dollar amount for box 17 of K1 and the window you posted does not appear.  It goes directly to "other situations" window and then to "self employed health insurance"

[tagteam]

@mdin You need to contact Support (link below) if you do not see that screen.

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

[ericinmaryland]

I dont think any dollar values belong in 17 unless put there by Turbotax. 

[tagteam]

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@ericinmaryland wrote:

I dont think any dollar values belong in 17 unless put there by Turbotax. 

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Please allow me to state what I believe is the source of confusion (or at least part of it) here:

There are some posts in this thread that relate strictly to TurboTax Business and K-1s along with Statement A that is generated by that program while there are other posts that relate strictly to entering a K-1 received from an S corporation into a personal version of TurboTax. 

I would suggest that we keep these two issues separate to eliminate confusion. 

With respect to TurboTax Business, the program will generate Statement A as needed and place the proper figures on that statement and the V code on the K-1(s).

[hammad_awan]

For the online Personal Turbo Tax, Form 8995 is still recording $0 dollars for Qualified Business income or loss on line1i. I have a QBI on my K-1 recorded as some non-zero amount and it is not being transferred over.

I don't think this is correct. Has this issue been resolved?

[JamesG1]

Form 8995-A, Qualified Business Income Deduction is still scheduled to be available on February 20, 2020.

Please see here.