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What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

 
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12 Replies
Irene2805
Expert Alumni

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

It means that the calculations for the qualified business income deduction that use information from the K-1 have not yet been finalized.

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

Well at least you go the message "the qualified business income deduction (Section 199A) is not yet been finalized".  I'm doing  my business partnership and when I selected I'd like to take the QBI deduction, it did nothing and did not apply it.  I didn't realize this until I started doing my personal return and noticed it.  This error would have cost me over $1000!  I couldn't figure out why it wasn't calculating and even did my taxes a second time thinking I may have missed something and after 3 hours with turbotax support being bounced around, they found this thread.  TurboTax customer care had no notes no nothing no information about the QBI deduction delay.  It's been almost two weeks since this has been posted and no fix?  I almost filed my taxes  since I  did not receive a memo/pop up message.  Is there an ETA when it will be finalized?  This is crazy.

DaveF1006
Expert Alumni

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

Yes the ETA for Form 8995-A, Qualified Business Income Deduction will be available 02/20/2020. Please view this link for verification.

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What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

It's 02/20/2020 today and not here

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

Do you know when the software will be updated? I am still getting the same error as of today. 

JGX123
New Member

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

The forms have been released, but the on line version does not allow E-File as of 2.22.2020.

Oddly - when the return is printed - its complete, so this an on-line software issue.  Fix ASAP or this will be my last year with TurboTax

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

Still not available as of 2/25/20, anybody know what's going on?

DaveF1006
Expert Alumni

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

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.

 

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What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

Per two conversations with their staff, this form will not be available until 2/28/2020

DaveF1006
Expert Alumni

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

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.

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What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

When will this be ready?  I would like to file my return.

AkinaLO
Intuit Alumni

What does it mean that "the qualified business income deduction (Section 199A) is not yet supported in the program for k-1 purposes? (enabled in a subsequent release?)

Form 8995A is now available. If you have TurboTax CD/Download, please check for updates within the program. 

How do I update my TurboTax CD/Download software p ... 

 

If you have TurboTax Online you can clear your cash and delete cookies. Also, try refreshing your browser and even try using a different browser. Then try accessing your form.

Here are two articles below that will show you how to clear your cache and delete cookies. 

How to clear your cache - Community 

How do I delete cookies? - Community 

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