Is the same bug in TurboTax Business 2021 as in last year's version? The 199A form is not calculating correctly when there are two properties to be included.

Please clarify what type of properties you are reporting for Section 199A and where that information was recorded in TurboTax Business.

 

If the information comes from Schedule K-1 with income in both Box 1 and 2, you will need to enter two separate K-1 forms into TurboTax for the single K-1 you received.  Use one K-1 to report the amounts reported for the rental income generated by the partnership, and a second K-1 to report the income generated by the passthrough entity.

The K1 only has an entry in Box 1 and an entry in box 7. And the entry in Box 1 is $2.00

Further clarification. I believe the issue is in the generation of the K1 which is done in the Turbo Tax Business software. The Business software should give me one K1 and the appropriate 199 report which then gives me the right information to complete in the Home and business software.

Last year I had to have a turbo tax expert help me on the Business software side of your support. I believe you have the same problem this year.

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue from TurboTax Business.

 

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

 

At the top menu in the black line at the top of the page go to Online. 

1. From the menu, select Send Tax File to Agent. 
2. You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number. 
3. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

Diagnostic file sent #974820

The K-1 shows *STMT for code I box 14 which is correct.  This refers to the Statement A that shows the rental income and QBI for both properties.  The beneficiary will report code I as well as code E for Box 14.  The code I amount should be entered as the total Rental Income of the two properties.  You progress to another question to once again enter the total Rental Income for the 2 properties combined as well as the "UBIA of qualified property" for the 2 properties combined.

 

If you need additional assistance with the personal return, you will need to send a token for that one as well.  The steps are slightly different for personal returns:

 

Go to the black panel on the left side of your program and select Tax Tools. 

1. Then select Tools below Tax Tools. 
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent. 
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.   If you include @AliciaP1 in your post I'll be able to find it more quickly.

 

@almat21