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

[WenGong]

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

[tagteam · Accepted solution]

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]

I found this link while searching for Statement A. Can anyone share please: does this statement get sent to the IRS or to Schedule K-1 recipients?

[DavidS127]

The K-1 information, including the required supporting statement regarding QBI information being "passed through" (Statement A) is provided to both the IRS and the K-1 recipient. 

As noted by Community user tagteam, the information from the supporting statement is entered in the applicable boxes during "box 20" entry.

[mhabc13206]

I have a K-1 to report, Box 17 is a "V".  I can report the net UBIA, but not the details of my schedule A.  So, I can't finish my tax return.

[mkandren]

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.

[tagteam]

@mkandren I believe you can enter those figures in Forms Mode. Open your K-1 (Partner) and enter the figures directly on the form (Section B2).

[DavidS127]

Continue through the K-1 interview after you have entered your code V for box 17.  There are screens after the box 17 code V entry that you must complete.

In particular, there is a screen titled "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.  You'll see boxes to click for the Ordinary Income, the W-2 wages, and the unadjusted basis (UBIA of qualified property). After that screen, there is another screen for uncommon items from a Statement A or Statement C.

Here are screenshots of what you are looking for:

@mhabc13206

[DavidS127]

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

@tagteam

[carylal]

The drop down does not appear and Turbo Tax is up to date

[Kovac1ML]

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

[evon-45]

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!

[DavidS127]

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.

Enter the code Z when you enter the K-1 box 20 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, a place will open up to enter your amounts.  The applicable boxes on these screens must be completed in order for your box 20 code Z information to be correctly input into TurboTax.

Here are the screens you are looking for:

@Kovac1ML

[evon-45]

Yes, I did it, but the error pops out at final review saying box 20 code Z has been selected but no Section 199a income has been entered on Statement A... Where I can find Statement A? TurboTax doesn't guide you to it.???

[DavidS127]

Statement A is the TurboTax worksheet terminology for the Section 199A information reported on the Statement or STMT for your box 20 code Z.  That Statement or STMT comes with the K-1 you received.

In TurboTax Online and TurboTax Download/CD versions, the "Statement A" is the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens.  Information from that Statement/STMT you received with your K-1 is entered into the applicable boxes of those screens.

In TurboTax Download/CD versions, in Forms mode (icon top right in blue bar) you can also enter this information directly into Section D1 of the "K-1 Partner" for the K-1 you received.  Also, while in Forms mode you can check the Section D1 and D2 of that K-1 Partner, and also the linked QBI Component for that K-1, and the QBI Ded Summary.  This may diagnose what is "happening" in your QBI deduction calculation.

@evon-45