I enter line 17 code V then asks to pick a topic which are all energy related. I have none of these my K-1 entries are incomplete so why do I not get the QBI deduction.

Forum|Forum|7 years ago
June 4, 2019
4 replies
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TurboTax Home & Biz Windows

Best answer by Critter

Box 20 is for the 1065 partnership K-1

For the 1120S K-1 it is box 17 codes V - Z https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf

CritterAnswer

Level 15

Box 20 is for the 1065 partnership K-1

For the 1120S K-1 it is box 17 codes V - Z https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf

proeventAuthor

Level 2

Code V TT asks to pick an energy related topic. My co. is not energy. TT then indicates incomplete K-1

Anonymous

any QBI info should have been reported in box 20. this needs to be entered in TT . if not present, ask the return preparer since the IRS requires K-1 issuers to report QBI info.

Anonymous

don't know why such question.

Anonymous

contact TT support. .

dmertz

Level 15

Code V for reporting Section 199A income from a S corp is certainly supported now and can be entered into TurboTax for you personal tax return, but the calculation of a QBI deduction for income from an S corp is not yet supported. I'm not sure, but I don't think that TurboTax Business for preparing the tax return of an S corp has been updated for the new QBI-related codes yet.

Prior to 2018 code V was for Other Information. In 2018 Other Information is reported with code AC.