Qualified Business Income Deduction

[mtwestby]

The 2/5 update was supposed to fix this problem. I am still getting a "check this entry". "Sch K-1 Wks-S Corporations....For purposes of the qualified business income deduction those expenses are not yet supported. This will be enabled in a subsequent release."

When is this going to get fixed? Or can I just submit my tax return?

[mtwestby]

Apparently I am not alone in my frustration. 2/27... 3/5... come on TT!

[bullbear01]

I'm told the fix is done. I just went back through my K-1 and the Federal review and all is good, I'm done finally!

[rdf]

Why does Excess Taxable Income, Item AE on line 20 on the K-1, not qualify for QBI?  Excess taxable income is taxable income less business interest.  Please explain.

[bzbrowning]

IT'S FIXED! FINALLY! Waaaaahooooo!!!! Hopefully this response will prompt those who have been so frustrated with the delay (myself included) to go ahead and proceed with their filing. 

Happy tax year, everybody. Best of luck with your final numbers!

[Anonymous]

it is not fixed for PTP 199A computations. contacted TT on 2/27 after many hangups and disconnects finally got to a person who agreed comp was wrong.  the sanitized file was submitted to programming to see why the numbers don't compute correctly.   i use the desktop software and there were no updates today.    do not believe that TT has fixed all 199A computation errors.  

[grahaila]

Mine is not fixed  :(

[KCBIZTEAM]

Qualified Business Income Deduction is NOT fixed! 

Customer for Decades now about to leave for good.  @Turbotax is there any update here for all of us please??

[KGJ]

As of 02/28/2020, it's fixed for my return. I have boxes 2, 19, and 20 and it correctly calculated the deduction. Finally done until next year.

[Foolishtom]

Thank you Amy for the information. 

On the K-1 for a 1065 I received, I gather Code Z Section 199A is not going to fit into your description codes. It's confusing, because the statement section regards Z1 as Qualified Business Income deduction under section 199A. I guess that might be an altogether different section than you reference? 

[DavidS127]

Use the TurboTax K-1 interview questions to enter the box 20 code Z from your Form 1065 K-1.  You don't have to put an amount, just the code Z.  But, it is very important that you Continue to the Section 199A questions that follow.  In particular, there is a screen "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 20 code Z 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.

@Foolishtom

[JK86]

I've followed your instructions (even re-started a new return) and box 20 Z still does not calculate QBI.  My 1065 has boxes 2 (rental income), 13-W, 17-A, 18-C and 20-Z.  I've tried other codes on box 20 and none calculates the QBI.  Please advise.   

[chevydoug5b]

Hi, I have a code Z in box 20 on my 1065; however, once I click Next after leaving the amount blank for code Z, TT just goes to the summary K-1 screen.  There are no questions that follow? What am I missing?  

Also, I have some pass through businesses on my k-1. Do I have to create another K-1 for each passthrough business?

Thank you in advance. 

[4showie]

I still cannot file my taxes with TurboTax supposedly due to a TurboTax software problem with my K-1 Qualified Business Income Deduction.  I checked box 17 with a V for Section 199A.  It is only for a small amount of W-2 wages.  Really frustrating.  Need Turbo Tax to contact me on how to resolve.  Is the only way to file via US Mail?  And I already paid via CC. Really frustrating.

[ericinmaryland]

@chevydoug5b What is code Z?  Put a dollar value next to it on line 20 and see if QBI comes alive. If you are reporting income for other business you need a K-1 for each one.