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Scodoboz
Level 1

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

I should qualify for QBI deduction, have the code Z in line 20 of my K-1, but TT is saying I don't qualify. In the review section I get this message: "the section 199a information code has been entered but the qualified business income deduction is not yet supported in the program for k-1 purposes"

 

Is there a fix for this? We're in tax season now, I'm wondering if something is wrong here, as I can't imagine TT isn't up to date as people are filing.

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tagteam
Level 15

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

This should be fixed within the next week to ten days; Form 8995-A is scheduled to be released on 2/5/2020.

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6 Replies
tagteam
Level 15

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

This should be fixed within the next week to ten days; Form 8995-A is scheduled to be released on 2/5/2020.

View solution in original post

KSM317
New Member

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

release still not available it is now 2/25/20 - when will this be updated

KSM317
New Member

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

I have TurboTax Home & business and this release is still not available 2/25/20

DaveF1006
Employee Tax Expert

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

For the purposes of the qualified business deduction, these need to be reported on a 8995A.  This form has not been released by the IRS.

 

Here is the latest updates on when the forms will be released by the IRS. Please review this IRS link. for information on the latest updates. Looks like 2/28/2020 for the 8995A form.

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Scodoboz
Level 1

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

Really? Mine got the update on 2/5 and went through just fine. 

DaveF1006
Employee Tax Expert

Turbotax says QBI is "not yet supported in the program for k-1 purposes". When will this be fixed? I can't find information on a release date.

Review this IRS link, This is where i got the information. 

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