kensuzy
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12-06-2019
11:51 PM
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12-06-2019
11:51 PM
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I was just testing on some of my sample returns and QBI is calculating on income from K-1's but its a bit different than the Schedule C.
- On the K-1 S Corp the new 199A codes (Line 17 code V is the main one) need to have a value before the Qualified Business Income Deduction Info (Section D) is filled out.
- For a K-1 Partnership, it would be line 20 code Z that would need to have a value for QBI to calculate on the Qualified Business Income Deduction Info (Section D).
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Marc-TaxMan
Level 8
12-06-2019
11:51 PM
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Wait. those lines need codes BEFORE entering other QBI data?
mark28321
Level 2
12-06-2019
11:51 PM
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I input those values (codes V, W, and X on line 17 of my SCorp K-1) and then completed Section D at the bottom, linked it to the QBI worksheet, and nothing there when I click on the QBI worksheet.
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12-06-2019
11:51 PM
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If you put those in before you fill out Section D then Section D does a lot of automatic pulls for you. I always recommend starting with the K-1 Lines 1-20 before doing any additional entry.
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12-06-2019
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When you input the codes on V, W and X then scroll down to Section D, did box A auto-check Yes for you? (Black X) or is it a blue X?
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mark28321
Level 2
12-06-2019
11:51 PM
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There is no Box A in Section D on my SCorp K-1 input screen, only on the Sch C input screen. The first line is Section D for the K-1 is the company name which I had to input. However, on the Sch C screen, the first line is Box A "Is this activity a qualified trade or business?"
I originally input my K-1s like I always do every year, because I thought the input values on line 17 would flow automatically to the QBI worksheet. When that didn't happen, I went back and scrolled all the way down and saw Section D. I had to enter all the values.
I originally input my K-1s like I always do every year, because I thought the input values on line 17 would flow automatically to the QBI worksheet. When that didn't happen, I went back and scrolled all the way down and saw Section D. I had to enter all the values.
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12-06-2019
11:51 PM
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You may be missing some updates which would explain why its not calculating the way you are expecting. With the updates from last week Section D on the Sch K-1 Worksheet (From S-Corporation) is line A "Does this K-1 include a Section 199A Business?" Try running your updates. If it says No Updates Found you may want to try the steps here or contact technical support. https://accountants-community.intuit.com/articles/1608911-no-updates-found-proseries-versions-not-up...
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Level 15
12-06-2019
11:51 PM
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@mark28321 which version of ProSeries are you using?
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mark28321
Level 2
12-06-2019
11:51 PM
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Version 100024. I just updated it and now the forms flow to the QBI Summary, but the Total QBI Deduction does not calculate correctly. I guess I can override it.
jacobhensley
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12-06-2019
11:51 PM
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I am using HR block. What is this section D everyone is referring to? I can't find it after I manually enter my line 17 V
abctax55
Level 15
12-06-2019
11:52 PM
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I suggest you ask in one the the HR Block forums.....this forum is (supposedly) for ONLY tax professionals.
And the section D is specific to the software used (i.e. ProSeries)
And the section D is specific to the software used (i.e. ProSeries)
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