K-1 for form 1120s - Help Please

[corbyjones]

On my K-1 for form 1120s in box 17 it still only says "V* - STMT".  Is anyone else getting this or know how to fix?  I thought this should be fixed by now.  I am using the download version for Windows and I have checked for updates.

[Anonymous_ · Accepted solution]

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@corbyjones wrote:

On my K-1 for form 1120s in box 17 it still only says "V* - STMT".  Is anyone else getting this or know how to fix?  I thought this should be fixed by now. 

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You cannot enter "V" in TurboTax for Line 17, of course; you need to enter a dollar figure. The figure you enter should be on a statement (or other form) that you received with your K-1.

Subsequently, you need to proceed through the screens and enter the figure on the following screen.

[corbyjones]

I am trying to finalize the taxes for my sub S corp and the K-1 has STMT in box 17.  This will be the K-1 I give to myself to file my personal taxes.  I understand it should have a dollar amount - is there still an issue with form 8995 and it populating the k-1 correctly?

[DonatJAX]

I'm getting a message on K1 during smart check that QBI expenses are not supported yet. 

I saw in a reply that the update would be available on 2/20. Its 2/22. is there a new date that may help with this ?

[DaveF1006]

For the purposes of the qualified business deduction, these need to be reported on a 8995A.  This form has not been released by the IRS.

Here is the latest updates on when the forms will be released by the IRS. Please review this IRS link. for information on the latest updates. Looks like 2/28/2020 for the 8995A form.

Note: If you use Turbo Tax Software and not the online version, you may wish to update before you finalize your return.

[GlennL]

I have an 1120-S K-1 that has Line 17 code V STMT. On Statement A QBI Pass-Thru, there are 3 different sources, one is the corp filing the K-1 and the other 2 are pass-throughs from other entities. Turbotax Home & Business incorrectly builds / applies the 199A worksheets so that information can be mixed among sources even if the totals are correct (this also happens when you add QBI worksheets). After trying most of a day to figure out and look online for fixes, my best solution was to create 3 different K-1's for this corp, each with its own QBI worksheet. Totals and sources all come out correct this way. Ttax should fix this problem, is not fixed as of 4/19/20 including latest updates.