I used TurboTax Business for an s-corp and had to file without having the QBI part functioning, because the extended deadline came up. I know we qualified for the 20% deduction this year like we did last year. Unfortunately because the numbers were not flowing through, the K-1's I filed just say this in Box 17:
V *STMT
W *STMT
I know that we qualify because we are NOT an excluded business type, ordinary income was positive, there were no distributions, etc. Everything is very similar to last year, when we also qualified, except that we took distributions last year. Income is slightly higher but still way under the limit.
I assume I need to file amended K-1's since TurboTax wasn't working properly? How do I find the numbers and actual codes I need for Box 17??? I need to file extended personal taxes too and this is making us owe way more than expected plus penalties, without the 20% deduction I know we're supposed to be getting. I see a lot of people were having this problem earlier this year. My software was up to date and it still didn't work. I didn't realize until working on personal taxes today, UGH.
@awholenoobworld wrote:
...the K-1's I filed just say this in Box 17:
V *STMT
W *STMT
That is actually correct. The K-1s will have those codes entered on Line 17 with the calculated amounts appearing on the 199A Supplement statement for Line 17.
You should also see a couple of 199A worksheets under Forms in My Return in Forms Mode.