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Is the199A complex worksheet et.al working for Partnerships, and S-Corps? Intuit, give an answer so we can stop banging our heads against software or educate ourselves.

VSMHR
Level 1

Is the199A complex worksheet et.al working for Partnerships, and S-Corps? 

I have spent hours in the software, and online following instructions, but it is not calculating and/or pulling through to the QBI Deduction Summary, or the 1040.  The only schedule that pulls through is the Schedule C.

There are community responses indicating that it is NOT working, and there are responses that say, "follow the instructions and it will work.”

Intuit, kindly give us a nice clean answer so we can either stop banging our heads against the software or educate ourselves more thoroughly.


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Just-Lisa-Now-
Level 15
Level 15

"There are community responses indicating that it is NOT working, and there are responses that say, "follow the instructions and it will work.” "

Maybe you're misunderstanding what those posts are asking about.

Do Business returns that issue K-1s  now include the QBI information on the K-1s? YES 

Is the 1040 ready to accommodate those K-1s and compute the QBI?  NO

Sch C, E and F all work, just none of the K-1 computations, yet.   


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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14 Replies 14
Just-Lisa-Now-
Level 15
Level 15

"There are community responses indicating that it is NOT working, and there are responses that say, "follow the instructions and it will work.” "

Maybe you're misunderstanding what those posts are asking about.

Do Business returns that issue K-1s  now include the QBI information on the K-1s? YES 

Is the 1040 ready to accommodate those K-1s and compute the QBI?  NO

Sch C, E and F all work, just none of the K-1 computations, yet.   


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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VSMHR
Level 1
Thank you, very helpful!  I am wondering if you are with Intuit?  And if NOT, how did you come to have the knowledge to answer this so clearly, comprehensively, and confidently?
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IRonMaN
Level 15
No, she is just another Intuit user like the rest of us that spend way too much time here watching all of the posts that flow through this place.

Sign up here for pot stirring classes - 7:00pm Thursdays
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garman22
Level 12
Level 12
hahahaha!!! She is super smart. :smile::smile:
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abctax55
Level 15
She is smart, and she spends a lot of time here answering questions to help our her fellow pro tax preparers.  
(I wanna be a member of the pot stirring club too)
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Just-Lisa-Now-
Level 15
Level 15
You're welcome!  Yes, I spend far too much time here!  

The K-1 QBI issue is/was 2 different issues, so I'm sure some posts abut it were saying "just follow the instructions and it works" was probably referring to the K-1 including the info...the ones that say it doesn't work, were referring to the 1040 being able to compute QBI from a K-1.

Some questions concerning K-1s and QBI might not have explained exactly what they were asking well enough and were interpreted differently by those that commented and answered, leading to confusion as to what is correct.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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shamcafee
Level 2
Any idea when the K-1 QBI functionality will be working in 1040?
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George4Tacks
Level 15
mañana

ex-AllStar
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IRonMaN
Level 15

"Is the199A complex worksheet et.al working for Partnerships, and S-Corps?"

No.

That's as clean as I can get it without getting a jug of bleach out and scrubbing it.


Sign up here for pot stirring classes - 7:00pm Thursdays
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abctax55
Level 15

"....or educate ourselves more thoroughly."

I'd go that route, even when the software IS up & running.  I'm not trusting the software this year nearly as much as I have in the past.

(I wanna be a member of the pot stirring club too)
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itonewbie
Level 15
Nope, never trust any software until it jives with how I'd calculate things manually.  And if it's any different, I'd double check the logic to see whether I got it wrong or the other way around and why.
---------------------------------------------------------------------------------
Still an AllStar
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VSMHR
Level 1
Thank you, and this helped enter the data, but I could not see that it helped to understand why the values were not pulling through to the QBI Summary and 1040. Thank you again.
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abctax55
Level 15

We are *all* just users of Intuit software, just like you.  Except for the occasional employee/moderator that stops by, and they are so identified by their "handle".

(I wanna be a member of the pot stirring club too)
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