My client who is the sole owner of an S corporation received a Schedule K-1 for 2019 that shows an ordinary loss in Box 1.
On Box 17 a code V is entered and an attached statement shows that loss. In addition it shows an amount for W-2 Wages and an amount for Unadjusted Basis Immediately After Acquisition.
When I enter these into my ProSeries Basic program, there is no change to the results.
I assume the reason is due to the fact that my client had a loss for the year and therefore there is no Qualified Business Income (QBI) deduction.
Was it necessary to include this statement as part of the Schedule K--1?
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This is a related question regarding the same S Corporation.
In addition to Schedule K--1, client received a 2019 Schedule SK-1 which reports Massachusetts Information.
The loss on Line 1 is slightly less than that reported in Box 1 of the Schedule K-1.
How do I record that in ProSeries Basic?