Section 199A Deduction Turbo Tax 2019

[grace8]

I am using Turbo Tax 2019 Deluxe and do not see Section 199A deduction being applied for S-Corp.

I went through the same interview for Turbo Tax 2018 Deluxe and it was applied correctly.

But for the 2019 version, the "Qualified Business Income Deduction" didn't apply even for the same situation. Is it because the Schedule K1 code for IRS has changed for 2019 (both QBI and W2 are under code V in 2019, vs in 2018 they were under codes V and W respectively)?

[JulieS]

No, it is not because of the change in the K-1 box 17 codes. Code W has been reserved for future use, that is why it is not used on your 2019 K1 form.

I tested the program and found that the follow up questions needed to calculate the amount of QBI were not asked. It turns out that this form is not final yet and that is the reason why you are not getting the deduction. The final form should be available some time in February. 

[CCurtsinger]

Have there been any updates to this as of 1/24 or do we have a date in February that this will be working?

[DavidD66]

Form 8995-A, Qualified Business Income Deduction is not currently available. It is scheduled to be available on February 5, 2020.

[ccarbon]

Is there an update as to when Turbo Tax will be able to Calculate the 199A Deduction?

[JamesG1]

Form 8995-A, Qualified Business Income Deduction is not currently available.

It is scheduled to be available on February 20, 2020.

Forms availability here.

[bentbuck]

I attempted to file our return on 2/23/20 an error message indicated that the final version of the 8995-A is still pending.   Does that match your understanding as well?  If so, is there a rough estimate on form availability?

Many thanks,

[DaveF1006]

if you are working in Turbo Tax software, did you update the program?

[snsquared]

My  K-1 is still not showing up as QBI.  When will this form be available?

[Anonymous]

The K-1 form is available. Check this availability of forms list.

[Maryjoy41]

As of 3/4/2020 Turbo Tax still isn't processing the 199A deduction for Scorps. Is there an update yet? How do you get the program to process the credit

[theteam]

It appears to be included as of 3/7/2020 in TurboTax Business.

[DavidS127]

It is very important to Continue through the K-1 interview after you have entered your value for box 17 code V.  There is a screen near the end of the interview titled "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

[Jackrabbit]

I am using TurboTax Premier 2019.  My K-1 has information in Box 20 .  I have the income figured out but cannot figure out how to get the wages and Basis information to feed to the QBI worksheet.  last year the IRS had codes for these that feed to the worksheet, this year they do not.  I also an unable to enter the numbers directly on the worksheet.  Any ideas?

[KrisD15]

You should have gotten a statement along with the K-1 this year which also needs to be entered.