Schedule K-1 (Form 1120S) Box 17 Problem

[treinhart73]

I am trying to enter Schedule K-1 information in Turbotax Home & Business.  When I get to the point of entering Box 17 information, the codes available in Turbotax do not match the codes on my IRS Schedule K-1 (Form 1120S).  Codes A through L do match, but I need to enter information under Codes V, W, and X.  On my IRS Form K-1, Code V is listed as "Section 199A Income", but in Turbotax it shows up as "Section 199A Information".  This is the income that should be used to calculate qualified business income, but Turbotax ignores the number I enter and does not give a deduction.  The next code I need to enter is W, "Section 199A W-2 wages".  In Turbotax, code W is "Reserved".  The final code I need to enter is X, "Section 199A unadjusted basis".  In Turbotax, code V is "Reserved".  As a result of these apparent coding errors, it is impossible to get a qualified business income deduction.

[Anonymous_]

The way you described your K-1 entries (codes, specifically), it appears as if you have a mismatch in terms of tax years; your K-1 must be from the 2018 tax year. Can you verify this?

[treinhart73]

It is a 2018 Schedule K-1.  My wife's business has an odd fiscal year, so her business return is always a year behind the regular income tax year.  Is there a way I can enter the info on my 2019 return?

[Anonymous_]

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@treinhart73 wrote:

It is a 2018 Schedule K-1.  My wife's business has an odd fiscal year, so her business return is always a year behind the regular income tax year. 

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Is the tax year ending in 2018 or 2019? If the tax year (e.g., fiscal year) ends in 2018, the K-1 should have been reported on your 2018 income tax return.

[Anonymous_]

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@treinhart73 wrote:

Is there a way I can enter the info on my 2019 return?

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What you might be able to do, assuming a 2019 year end, is consolidate the 199A information on Line 17 with a V code. The individual entries will be sorted out in one of the following screens.

[treinhart73]

The Schedule K-1 for 2018 does indeed end Sept. 30, 2019, so it needs to go on the 2019 return.  In your previous reply, there is mention of other screens that would allow me to enter the numbers, but I couldn't see any additional screens in your reply or when trying to enter numbers in TurboTax.

[treinhart73]

To add a little more information: I tried entering the amount of business income in Box 17, code V, and TurboTax does not ask for any additional information, and it does not count this income as qualified business income (as far as I can tell), since putting this in does not change the amount of tax due.

[Anonymous_ · Accepted solution]

@treinhart73 The following is a screenshot from the screen I referenced earlier.

[treinhart73]

I found it.  Thanks!

[vkochetta]

What did you find???

I have a similar problem with a K1 from a company with a mid-year fiscal year.

Did you total the codes for v,w and x and put them on line v?

Thanks,

    --- VKochetta