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Best Answer Click here
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The S-corp is required to report pass-through QBI items from other RPE's per §1.199A-6(b)(3)(ii). If W-2 wages and UBIA were not reported on the K-1, it would be treated as if those items have a value of zero. An amended K-1 would be required if there should be W-2 wages and UBIA from the LLC/partnership.
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If W-2 wages and UBIA flowing through the lower-tier partnership are both already reported on the 1120-S K-1 with codes W and X as required, they should flow correctly on the 1040.
What am I missing from the picture you're trying to paint?
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If those figures are not coming out on the shareholder K-1 with Code W or X, you may just need to include those on a supplemental statement; part of the reason could be that QBI items related to each qualified trade or business should be listed separately and Line 17 (by how PS is programmed cannot be broken down into separate ToBs) is likely reserved for QBI items that are coming directly from the S corp and not other RPEs.
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In 2019 form 1040, the K-1 import from an S-corporation, leaves an error regarding Sec199A K-1 line 17 code V. Where do I manually enter the information?
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we’re you able to figure this out on how to do this? Was having this same problem.
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You have to enter the entire 1065 K-1 items on K1 partner in the S Corp return. You can then add all the QBID items. You will not enter the income from the partnership separately on the S corp return as income since it will flow to the Scorp return as it normally does. You can enter the QBID info from the partnership on statement A as usual for the partnership items.
The easiest way is to use "Where do I enter?" green box and type in K1 partner and you will find the partnership K1 that is reported to the SCorp. All the QBID items will then flow to the shareholders of the Scorp including the partnership allocations.