I entered the CBI income on line 17 of the K-1 mys...
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pbehrani
New Member

I Don't see K-1 income 20% deduction - 199A - being propogated to line 9 of 1040. Has this feature been implemented in Turbotax premier. Would appreciate feedback.

 
6 Replies
dmertz
Level 15

I Don't see K-1 income 20% deduction - 199A - being propogated to line 9 of 1040. Has this feature been implemented in Turbotax premier. Would appreciate feedback.

It's not yet fully implemented for income from partnerships and S corps, but progress is being made.  It appears that with today's release the it's now possible to make the necessary entries in forms mode, but it's not yet supported in step-by-step mode.  I would not trust the results from entering in forms mode; TurboTax's accuracy guarantee is void with respect to errors on your tax return related to making entries in forms mode.

Given the progress, there seems to be a good chance that next week's release will have the full implementation, still before the January 28 opening day for filing with the IRS.

pbehrani
New Member

I Don't see K-1 income 20% deduction - 199A - being propogated to line 9 of 1040. Has this feature been implemented in Turbotax premier. Would appreciate feedback.

Good Morning, Has this functionality been implemeted yet? Thanks
dmertz
Level 15

I Don't see K-1 income 20% deduction - 199A - being propogated to line 9 of 1040. Has this feature been implemented in Turbotax premier. Would appreciate feedback.

It appears that the reporting of QBI from partnerships and S corps is now implemented in release R14.  You'll need to go back through the entry of the Schedule K-1 (perhaps even deleting and reentering the K-1).  However, TurboTax's Schedule K-1 forms have not yet been finalized, so you won't be able to e-file until these are finalized.
bobwa
New Member

I Don't see K-1 income 20% deduction - 199A - being propogated to line 9 of 1040. Has this feature been implemented in Turbotax premier. Would appreciate feedback.

It still didn't work for me. I input all numbers, but the line for 199a deduction on 1040 form is blank. Can you give me some advice how to fix that?
MZVA
New Member

I Don't see K-1 income 20% deduction - 199A - being propogated to line 9 of 1040. Has this feature been implemented in Turbotax premier. Would appreciate feedback.

I entered the CBI income on line 17 of the K-1 myself and then in populated through to the other forms correctly.
pbehrani
New Member

I Don't see K-1 income 20% deduction - 199A - being propogated to line 9 of 1040. Has this feature been implemented in Turbotax premier. Would appreciate feedback.

I believe for K-1 line 17, you need to use code V along with QBI income.
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