I used TurboTax Business for an s-corp and had to file without having the QBI part functioning, because the extended deadline came up. I know we qualified for the 20% deduction this year like we did last year. Unfortunately because the numbers were not flowing through, the K-1's I filed just say this in Box 17: V *STMT W *STMT I know that we qualify because we are NOT an excluded business type, ordinary income was positive, there were no distributions, etc. Everything is very similar to last year, when we also qualified, except that we took distributions last year. Income is slightly higher but still way under the limit. I assume I need to file amended K-1's since TurboTax wasn't working properly? How do I find the numbers and actual codes I need for Box 17??? I need to file extended personal taxes too and this is making us owe way more than expected plus penalties, without the 20% deduction I know we're supposed to be getting. I see a lot of people were having this problem earlier this year. My software was up to date and it still didn't work. I didn't realize until working on personal taxes today, UGH. ... View more

I'm a little confused about what to do with the "Shareholder Contributions" and "Shareholder Distributions" accounts in Quickbooks vs the Balance Sheet in TurboTax. I manually enter everything into TurboTax. For example let's say a two shareholder s-corp was started in 2016 w/ the following:   Shareholder 1 contributions   $10,000 Shareholder 2 contributions   $10,000   I put those in the TurboTax balance sheet under "Capital Stock" as $20,000. The following year, 2017, the shareholders put in more money & took distributions (not in excess of their basis)...   S/H 1 contributions   $2000 S/H 2 contributions   $2000 S/H 1 distributions   $3000 S/H 2 distributions   $3000   In Quickbooks I know it's recommended to close out these accounts to retained earnings at the end of the year. But when I enter the shareholder distributions in TurboTax it automatically changes the retained earnings. So I'm not sure what to do. What should my capital stock look like? This?   END OF YEAR 2: Capital Stock    $24,000     (beginning amount + the $2000 each contributions for the year) Distributions (not listed on the TurboTax balance sheet but TurboTax automatically subtracts them from retained earnings)?   And then the third year balance sheet, what do I do? I started with $20,000 capital stock, then added $4000 in contributions, but they took out $6000 in distributions the 2nd year. Then let's say they each contributed $1000 and took out $4000 each the third year. Would it look like this?   END OF YEAR 3: Capital Stock    $20,000     (year 2 ending amount - year 2 distributions +  current year contributions)                                                 ($24,000 - $6000 + $2000) And the $4000 each took out in the current year go into the TurboTax distribution questionnaire,  where they carry over to the TurboTax-calculated Retained Earnings automatically and get subtracted from it...   Or am I now double-subtracting the Year 2 distributions by subtracting them from Capital Stock, when TurboTax already subtracted them from the previous year's equity (retained earnings)? So I don't need to subtract them from the end of year numbers for the new year? I guess I'm still not entirely sure how TurboTax is calculating things vs how Quickbooks does, and what "Capital Stock" means in TurboTax. Should I NOT be zeroing out my Contributions & Distributions to retained earnings January 1st of each year in Quickbooks, if I'm using TurboTax? They each use different language so I'm confused how these things relate to eachother. Thanks for any advice, it's late and I'm tired. ... View more