K-1 QBI Box 17

[lisaj]

 It appears the codes that were in box 17 are not there anymore.  Do you know how you enter income, wages and unadjusted basis in 2019

[IRonMaN]

They haven't completely finished the K-1 yet.  They have the walls and roof up but are still waiting to put the doors on.  Nobody has provided the date the carpenters are going to come back to finish.

[Gene in Nashville]

So I happened to talk to a customer service rep this morning on another issue and then I concluded the conversation with the status of this particular issue.  He told me they were waiting for some direction from the IRS and it is scheduled to be completed by February 12th. UGH!  I have multiple clients waiting already who have K-1 QBI deductions.  I hope they don't shoot the messenger.

[garman22]

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@lisaj wrote:

 It appears the codes that were in box 17 are not there anymore.  Do you know how you enter income, wages and unadjusted basis in 2019

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Are you asking about entering the info from the k-1 into Proseries or is this a question for the business module?

[IRonMaN]

Sounds like the 1040 to me, since I noticed that the other day.  I haven't checked to see if it has been updated yet.

[garman22]

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@IRonMaN wrote:

Sounds like the 1040 to me, since I noticed that the other day.  I haven't checked to see if it has been updated yet.

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QBI should be up and running. We now need to manually enter the income/wage/UBIA. That information is further down the K-1 this year. 

Is this poster was referring to?

[IRonMaN]

Over the weekend there was a little message popping up with the code for section 199 saying the program wasn't ready for that information yet.  I haven't been back to look at it since then.

[garman22]

Hmmmm...I wonder if that is the business module. 

Unless they broke the K-1, I was able to produce proper QBI's quite some time ago. Get your butt to the program and dummy up a k-1 and see what you see. 😀

[IRonMaN]

@garman22 

I finished up my own 1120S return this weekend.  I then imported the K-1 to my 1040.  The K-1 worksheet on my 1040 notes "code V has been selected but no section 199A income has been entered on statement A".  If I slide down the worksheet there is another little message when I click on the business name "activity name has entries for certain deductions such as section 179 (etc, etc).  For purposes of the QBI income deduction those are note yet supported.  This will be enabled in future updates".  

[garman22]

@IRonMaN so, its an import issue? What if you manually enter Code V information? 

[IRonMaN]

I'm not looking at finishing up my return for awhile so I haven't played with it.  

[JamesKirkl]

Today is 02/21/2020 and yesterday I spent an hour and a half with a representative trying to resolve the error message we get related to Form K-1. It is not an IRS problem. All forms have been released by IRS. It is an internal calculation error in Proseries and it seems they are not able to solve it yet. She talked to the technical department and the only answer I got is that they may come up with a solution today or maybe in a week from now. But I see from other postings that some of you guys were told it can take all the way through the end of the month before they fix this. And a week or two ago some of you were told it will be solved by February 20, which evidently was not. This is absolutely shocking! What do we tell clients who need the tax return now???

[garman22]

If the clients are hopping mad and absolutely cannot wait and you are sure your calculations are accurate.....disable error checking and let her go. 

[Tax Season 2019]

Has anyone been able to get the Box 17 code V to work?

[IRonMaN]

Yes - by manually entering the info on the K-1 worksheet.  Just scroll down until you find it.

[Tax Season 2019]

Finally got someone on the phone who knew that answer! Thank you!!!! 

Stay healthy! 

[CALIINS]

what line I input in K1 199 V of 199a unadjusted basis