Question

QBI deduction -schedule K1 box 17

Forum|Forum|6 years ago
February 11, 2020
2 replies
0 views

My CPA just filed 1120 S for my S.corp. I just realized Schedule K1 from 1120S doesn't show box 17 code V for QBI deduction. Does my CPA need to amend the return first before I try to file personal income tax return through Turbotax? Or Turbotax still can figure out QBI without box 17 code V information?

Thanks for any help!

TurboTax Home & Biz Windows

Employee

You need a corrected K1 with the Section 199A (Code V) information in order to get TurboTax to calculate the QBI deduction.

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Thank you for your reply!

Do I need to file as amended 1120 S or Can I send only amended schedule K1 ?

I guess my CPA needs to send amended 1120 S... Please confirm if I am right.

Thank you very much!

Yes, you are correct. You need to amend Form 1120 S in order to get your amended K-1.

K1 dos not reflect qbi deduction. Using turbotax business for an 1120s return. It is different from last year. Code V does not appear on line 17

OK, so how do you take the deduction in TurboTax? Is there some link between the 1120s and the 1040?