Form 1065 K-1 "Statement A - QBI Pass-through Entity Reporting" Data Entry

Forum|Forum|6 years ago
February 13, 2020
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I received my Form 1065 K-1, and under "Box 20" it shows "STMT", and with "Statement A - QBI Pass-through Entity Reporting". I do not see where on TurboTax to enter that "Statement A" in order to calculate business income deduction. Specifically, I can not enter the "UBIA" information. If checked on the forms, the "UBIA" field has no value on the "QBI Component" form or on the "8995-A" form.

Please help me understand where to enter this K-1 data so that the 8995-A will be populated with the right data to calculate business income deduction.

Thank you,

- Wen

Best answer by Anonymous_

The screen follows a few screens after the data entry on Line 20 (see screenshot below).

Form 8995-A is not yet available; the scheduled release date is 2/20/2020.

pppp.png

Anonymous_Answer

Employee

The screen follows a few screens after the data entry on Line 20 (see screenshot below).

Form 8995-A is not yet available; the scheduled release date is 2/20/2020.

pppp.png

Anonymous

I found this link while searching for Statement A. Can anyone share please: does this statement get sent to the IRS or to Schedule K-1 recipients?

DavidS127

The K-1 information, including the required supporting statement regarding QBI information being "passed through" (Statement A) is provided to both the IRS and the K-1 recipient.

As noted by Community user tagteam, the information from the supporting statement is entered in the applicable boxes during "box 20" entry.

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Kovac1ML

I purchased stock in Energy Transfer LP in 2019. I did not realize at the time that it was a partnership. About a week ago, I received a Form 1065 K-1 listing a loss of $2,287. I am not sure how to enter this in TurboTax

LauraNM813

@Kovac1ML Did you ever figure this out? I have the exact same situation thanks to Energy Transfer. My Code Z line actually is -3, so do I need to even be worried about this at all? I can't figure it out!

DavidS127

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount on that screen. Continue on, and you'll eventually find the screen "We need some more information about your 199A income or loss". When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1. The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax.

So, you don't need to enter the $-3 on the box 20 screen. Instead, once you get to the "We need some more information about your 199A income or loss" screen, you "match" the amounts on the "Section 199A Statement or STMT" that came with your K-1 to the lines on that screen.

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 Section 199A Statement/STMT: