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March 27, 2020
Question

I entered my K1 for my S Corp. It is showing a QBI deduction of zero. Why are the totals from my K1 not populating on the QBI worksheet?

  • March 27, 2020
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1 reply

DavidS127
March 27, 2020

Check to make sure your K-1 entry included entry on the screens to enter your Section 199A/QBI information provided with your K-1.  You'll need to put the information from the K-1 "Section 199A Statement or "STMT" into the categories shown in the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens (see two screenshots later in this post). 

 

For a partnership Form 1065 Schedule K-1, the QBI information to enter on the later screens is on the box 20 Section 199A Statement or "STMT".

 

For an S-corp Form 1120S Schedule K-1, the QBI information to enter on the later screens is on the box 17 Section 199A Statement or "STMT".

 

Form a trust Form 1041 Schedule K-1, the Schedule A QBI information to enter on the later screens is on the box 14 Section 199A Statement or "STMT" is entered into TurboTax as box 14 with a code of I (as in India).

 

Enter the code Z or V or I when you enter the K-1 box 20 or 17 or 14 screen, but you don't need to enter an amount.  Continue on, and you'll find the two screens.  When you check the box next to a category, a place will open up to enter your amounts.  The boxes on these screens applicable to your statement must be completed in order for your K-1 QBI 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.

 

Here are the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1:

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