K1 QBI Error

[Toga Woodworking]

I have an error on my personal return on the K-1 that has my Unreimbursed Partner Expenses.  The error highlights the Business Name and says:  "Sch K-1 Wks-Partnerships (Business, LLC):  Activity name has entries for certain deductions such as section 179, depletion, section 59(e)(2) and other expenses that may be individually limited.  For purposes of the qualified business income deduction those expenses are not yet supported.  This will be enabled in a subsequent release."  

How do I fix this??

[DawnC]

The Form 8995-A was updated today, so updating your software should remove that error.  

How do I update my TurboTax CD/Download software program?

[DR128]

I just updated the software but still see the same message. Please advise

[Toga Woodworking]

I updated the software and no change.  The form 8995A doesn't show up in my list of forms.  

[ericinmaryland]

Here is what I have found so far for 1120S:

Getting the step by step to start inquiring about QBI requires a dollar value in 1120s Box 17. The problem is that TT for Business does not put values into #17, it refers to a separate statement. Ok, so why doesn't TT Personal know this and get starting information from what you entered about your K-1?

I had to manually put my QBI Income value into 1120S #17 next to the V in order to get the whole QBI process to come alive. That should not be necessary if K-1 info is present.

I also noted that the "None " selection on the "Uncommon items" page does not work. You have to leave all options blank to answer "None".

What I would like is some feedback from Intuit confirming this a roadblock and what should be manually added to my K-1 info/forms in TT Personal to get QBI to work.

[Toga Woodworking]

8995-A is still not updated or added to my software.  Still getting the same error.  Software says it is up to date. 

[ericinmaryland]

Try this:

From your K-1 pull the value from line 17 for code V and put it in your K-1 Information in your personal TT. Then re-run through the steps for adding K-1 information to your return. You should see your existing K-1in your list. Edit it and go through all the steps. You should now receive questions related to QBI.

[Toga Woodworking]

My Form 1065 K-1 has no value in box 17 (AMT items), and there is no code "V" available for that box anyway (only A-F).  The K-1 is from an LLC partnership.  Entering a zero in box 17 on my personal return made no difference; I still have the error.  

[ericinmaryland]

If you are talking about the error on the K-1 form that is preventing it from being submitted, TurboTax has stated that they won’t have a solution until at least 2/28. 

I have only seen K ones generated from an S corporation. They are likely different for other forms of business. All I was intending to state is that the QB I deduction did not seem to come alive until I actually put a value on line 17 of the K-1

[Toga Woodworking]

Yes that's the error I'm talking about; didn't know TT said I have to wait until 2/28.  Thanks for the input!

[ozasp11]

Still is not working.

[rjsmile24]

Same issue. I will await the fix coming on 2/28. It is very frustrating to have to wait several weeks for fixes. 

[JasonP1]

Still not fixed

[bobg2]

I agree with you this is a joke, have been working on this   error for 2 weeks. 

[ericinmaryland]

Sorry are you waiting on 8995-A?