A few weeks ago in ProSeries there was an error for Line 17, Code V on K-1s that noted something along the lines of that QBI was not calculating currently and would be resolved in a future release.
I'm unclear if this has been resolved yet. A week and a half ago I was told by ProSeries support that that this would be fixed either 2/07 or 2/14. The 7th came and went with no fix. Today I emailed at 12PM EST and was told an update would be released by 3PM. No update has been released and K-1 imports still generate an error at Code V. But now the error notes that no income has been entered on a supporting statement. If I enter the amount on that schedule, the error goes away.
Is QBI calculating properly now? And if so, will a future update automate this from K-1 imports or will we have to manually enter this each time?
I haven’t looked at it today, but in all honesty manually entering the info really shouldn’t take much more than a minute or two to enter. It doesn’t pay to fight with software when there is an easy work around.
In section D1 of the K-1 on the 1040 is where you enter it manually. Trying to confirm this form 8895-A is really mandatory and if the IRS has or has not released. I've been told the 1040 won't file electronically with that error message. Afraid to even try it. Looks like we'll be filing extensions, I've already started mine.
I spoke with an agent today on the phone. They indicated that the calculation is working if you enter the items manually. They were unclear if the K-1 import would be fixed and if this would be automated going forward or not.
There is still an error related to QBI if there is Sec 179 on the K-1. They did not know when that would be fixed.