I enter line 17 code V then asks to pick a topic which are all energy related. I have none of these my K-1 entries are incomplete so why do I not get the QBI deduction.

[Critter · Accepted solution]

Box 20 is for the 1065 partnership K-1 

For the 1120S K-1 it is box 17 codes V - Z      https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf

[proevent]

Code V TT asks to pick an energy related topic.  My co. is not energy. TT then indicates incomplete K-1

[dmertz]

Ah, I see the problem.  TurboTax's Schedule K-1 (Form 1120S) form has been updated, but step-by-step mode has not been updated to ask the Other Income questions for code AC instead of code V.  Simply skip the pages where TurboTax is asking for code V details.

[proevent]

I skipped those pages and it still does not give me the deduction

[dmertz]

Right.  As I mentioned in my answer below, the QBI deduction for S corps and partnerships reporting on Schedules K-1 is not yet fully implemented.  It's presently only working for sole proprietorships reporting on Schedule C.

[proevent]

OK.  If I enter manually do I take the line 1 amount or line 1 minus 179 deduction

[Critter]

STOP ... WAIT for the program to be fully functional.   Overrides in the FORMS mode voids the accuracy guarantee and will keep you from efiling.  Just be patient.

[Anonymous]

any QBI info should have been reported in box 20.  this needs to be entered in TT . if not present, ask the return preparer since the IRS requires K-1 issuers to report QBI info.  

[Anonymous]

don't know why such question.   

[Anonymous]

contact TT support. .   

[dmertz]

Code V for reporting Section 199A income from a S corp is certainly supported now and can be entered into TurboTax for you personal tax return, but the calculation of a QBI deduction for income from an S corp is not yet supported.  I'm not sure, but I don't think that TurboTax Business for preparing the tax return of an S corp has been updated for the new QBI-related codes yet.

Prior to 2018 code V was for Other Information.  In 2018 Other Information is reported with code AC.