Form 1065 - QBI error

Forum|Forum|4 years ago
March 7, 2022
1 reply
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I selected the Federal Review of my TurboTax Business. I got an error message to correct Form 1065 p4-5 - 199A (page 1): UBIA - The total amount is larger than the amount allocated to all Schedule K-1s. Review the K-1 Statement A to ensure that the combined K-1 amounts for this item are increased by..... What concerns me, as a former CPA, is that all the information it is asking me to correct is correct. There is a nuance I am sure with the software you must work around. The tax experts from TurboTax told me their superiors say they can't give tax advice on the business product. I am asking to resolve an error message on your software that I purchased in good faith. Your the tax experts right? It is your software right? It is an error message on your software? Help me work around it, so it works.

TurboTax Business Windows

AliciaP1

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions:

At the top menu in the black line at the top of the page go to Online.

From the menu, select Send Tax File to Agent.
You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

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meades12Author

The code requested is 950046. Please advise on next steps as this return is due 3/15/22. I appreciate the support and help.

AliciaP1

You need to enter each partners' share of UBIA on the Statement A for each K-1.

To enter the amounts please follow these steps:

Within your return switch to Forms mode by clicking the Forms icon in the upper right of your screen.
Click on Statement A (Page 1) under the first K-1.
On the UBIA of qualified property enter the 50% amounts of the total UBIA reported on the same line on the 1099A Summary (Page 1).
Repeat this for the other K-1 Statement A.

We don't know why this didn't populate directly from the total entry, but we have begun investigating the issue.

@meades12

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