When will the 2017 program be updated to include the 199 deduction for fiscal year clients?

Forum|Forum|6 years ago
December 7, 2019
3 replies
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Lacerte Tax

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Best answer by Kathi_at_Intuit

Lacerte 2017 is currently not updated with input to reflect the QBI calculations. We recommend entering the amount in screen 22, Other Schedule K Items in the field labeled "Other deductions (Ctrl+E)." The description box for this line could be something to the effect of "Section 199A deduction" or something similar. This will put the deduction on the K-1s for each partner according to their percentages. If this is not a viable option, this information could be added as a statement or as supplemental information per shareholder. I have entered in feedback to our development in hopes that this may be added to a future update.

George4Tacks

Level 15

Have you checked? I know there was an update this last week. I don't see content listed.

Answers are easy. Questions are hard!

Kathi_at_Intuit

Answer

Moderator

Lacerte 2017 is currently not updated with input to reflect the QBI calculations. We recommend entering the amount in screen 22, Other Schedule K Items in the field labeled "Other deductions (Ctrl+E)." The description box for this line could be something to the effect of "Section 199A deduction" or something similar. This will put the deduction on the K-1s for each partner according to their percentages. If this is not a viable option, this information could be added as a statement or as supplemental information per shareholder. I have entered in feedback to our development in hopes that this may be added to a future update.

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DWayneB

Level 2

Will the 2017 program be updated to enable us to properly report QBI information for a fiscal year partnership?

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