QBI Not Calculating

[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 to get QBI to work.

[bullbear01]

A person on another post said TT said to check back on 2/28/2020 for an update. This person said they talked to TT on the phone.

[jenv]

This is so frustrating.  I thought I could file today?!  My QBI is also not calculating from my k-1.

[shanecw9]

I’m having the same issue  with TT not calculating QBI. . spoke to TT customer service today and many people are running into this problem. It’s supposed to be fixed by 2/28. 

[rickwest]

Hi, it shows in the link you provided that 8995/8995A forms are now available, however I am using the Turbo Tax Online version of Self Employed and after reviewing the taxes , I am still getting the "....those expenses are not yet supported. This will be enabled in a subsequent release" message, and program will not allow me to e-file, I have been trying every day for the last week to see if anything has changed. I have even tried to un-check box 20 on the K-1 input form and still receiving the error message.

[rickwest]

It looks as if the issue is resolved, I was just able to E-File my taxes this morning.

[bullbear01]

All is done and working, mine is finally done!

[REBL]

I just checked my Turbo Tax Business and it is still not calculating QBI.  Is it working for anyone else?

[ericinmaryland]

There are multiple threads and you have not provided enough info. Are you using 8995 or 8995-A, have you put a value in line 17 of the K1?

[REBL]

8995 and 8995-A apply to my personal tax return.  I am using Turbo Tax Business to prepare my 1065 for my business (an LLC taxed as a partnership).  I am eligible for the QBI and TT Business should be computing the amount and putting it on line 20 of the Schedule K-1, so that I can then report it on my personal tax return.  This is not happening.  TT Business is computing the UBIA but not the QBI amount.

[REBL]

Never mind.  I just realized what the problem was.

[DougH2]

Has the QBI Forms been added yet? I just input my K1 and I'm not getting the QBI deduction calculated.

[ericinmaryland]

There are a multitude of threads on this with many suggestions. Yes, forms are available. 

[DavidS127]

Check to make sure your K-1 entry included entry on the two special screens needed to enter your Section 199A/QBI information provided with your K-1. These screens are described and show in screenshots later in this post.

For a partnership Form 1065 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 20 with a code Z.

For an S-corp Form 1120S Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 17 with a code V.

Form a trust Form 1041 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 14 with a code of I (as in India).

You'll need to put the information on each of the K-1 statements into the categories shown in the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens (see two screenshots later in this post). 

Enter the code Z or V or I when you enter the K-1 box 20 or 17 or 14 screen, but you don't need to enter an amount.  Continue on, and you'll find the two screens.  When you check the box next to a category you need to enter from your Statement or STMT, a place will open up to enter your amounts.  These screens (if applicable to the amount(s) on your statement) must be completed in order for your K-1 QBI information to be correctly input into TurboTax. 

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

Here are the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1:

[ericinmaryland]

For me this mess was caused from a K1 I produced from the TT SCorp product. That K1 has no figures on line 17. Only V and STMT.

In the personal TT product, V and STMT should be considered values present for Line 17. Might be obvious to pros, but not to others.

My confusion, and maybe others, would have been lessened if the TT SCorp product put the $ values on line 17 in addition to referring to the statement.