Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

37 replies
368 views

I received my Form 1065 K-1, and under "Box 20" it shows "STMT", and with "Statement A - QBI Pass-through Entity Reporting". I do not see where on TurboTax to enter that "Statement A" in order to calculate business income deduction. Specifically, I can not enter the "UBIA" information. If checked on the forms, the "UBIA" field has no value on the "QBI Component" form or on the "8995-A" form.

Please help me understand where to enter this K-1 data so that the 8995-A will be populated with the right data to calculate business income deduction.

Thank you,

- Wen

Anonymous_Answer

Level 15

The screen follows a few screens after the data entry on Line 20 (see screenshot below).

Form 8995-A is not yet available; the scheduled release date is 2/20/2020.

Anonymous_Answer

Level 15

The screen follows a few screens after the data entry on Line 20 (see screenshot below).

Form 8995-A is not yet available; the scheduled release date is 2/20/2020.

mkandren

Level 2

I am using TurboTax Business (Form 1041) for a Trust. The screenshot you show DOES NOT display for me to enter such data. In my case of the Schedule K-1 (1065), I have a QBI Pass-through Entity Reporting (Schedule K-1, Box 20, Code Z). I have three values to enter in my case:

Ordinary business income (loss)

W-2 wages

UBIA of qualified property

Yet I can enter only ONE value next to the drop down showing my selection of Code Z

Please advise. Thanks.

evon-45

Level 2

Yes, as of 3/13/2020 the TurboTax Business interview screens you need to enter your Statement A information from a Form 1065 K-1 received by a trust (Form 1041) are not presenting.

As Community Champion tagteam points out, you can enter your amounts in TurboTax Business Forms mode (icon at top right in blue bar). If you scroll down and enter your amounts in the Section B-1, those amounts will "flow" to the Section B-2.

@mkandren

@Anonymous_

I have Turbotax delux. It gives me an error:

Sch K-1 Wks-Partnerships: Box 20 Code Z has been selected but no Section199A income has been entered on Statement A.

Where Can I find Statement A?

I follow all the steps to fill out 20Z1 (QBI deduction) as it was mentioned in one of the discussion on this board: "We need some information about your 199A Income: first screen I marked EPD has other deductions... and on the next screen I checked the following: This business has short term gains (losses from the sale of business assets that are not already included in the Section 199A Income reported in Box 20. So I entered the 20Z1 value again, which is negative. I filled the value 3 times! Please help!

Kovac1ML

Level 2

I purchased stock in Energy Transfer LP in 2019. I did not realize at the time that it was a partnership. About a week ago, I received a Form 1065 K-1 listing a loss of $2,287. I am not sure how to enter this in TurboTax

LauraNM813

Level 2

@Kovac1ML Did you ever figure this out? I have the exact same situation thanks to Energy Transfer. My Code Z line actually is -3, so do I need to even be worried about this at all? I can't figure it out!

DavidS127

Alumni - Intuit

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount on that screen. Continue on, and you'll eventually find the screen "We need some more information about your 199A income or loss". When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1. The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax.

So, you don't need to enter the $-3 on the box 20 screen. Instead, once you get to the "We need some more information about your 199A income or loss" screen, you "match" the amounts on the "Section 199A Statement or STMT" that came with your K-1 to the lines on that screen.

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 Section 199A Statement/STMT: