Level 7

Solved

I completed the S Corp Worksheet correctly yet ProSeries is NOT calculating QBI

Forum|Forum|6 years ago
January 18, 2020
8 replies
43 views

I have completed the S Corp worksheet correctly, but the QBI calculations are NOT working at all. I have zero QBI on line 10 for Form 1040. Taxpayer makes $190,000 so they are qualified for the deduction. Is the program not calculating QBI in the most recent software update? All areas of the S Corp worksheet are filled in correctly (I've used ProSeries for 25 years)>

Anyone else experiencing this with S Corp clients? (It looks like QBI is working for Schedule C clients)

ProSeries Professional

This topic has been closed for replies.

Best answer by RollTide68

I posted about this last week. Experiencing the same issue trying to do my own 1120S and K-1. Importing the K-1 to my personal return and nothing in Section 199A information amount on line 17 code "V"

Last year it took them a while to get it working correctly if I remember right. Not sure how long it will take them this year.

IRonMaN

Level 15

Did you input the information from a K-1 or did you import the K-1?

Slava Ukraini!

E

Ephesians3-14Author

Level 7

I tried both ways. It's broke. Working for you?

IRonMaN

Level 15

I haven't tried it yet, but I was hoping something just got messed up if you imported the data. Sounds like it could be another long tax season 😞

Slava Ukraini!

RollTide68Answer

Level 7

I posted about this last week. Experiencing the same issue trying to do my own 1120S and K-1. Importing the K-1 to my personal return and nothing in Section 199A information amount on line 17 code "V"

Last year it took them a while to get it working correctly if I remember right. Not sure how long it will take them this year.

G

garman22

Intuit Community Champion

This was marked as "solved". Does this mean you have it working?

Ok, I am going to assume you are working directly from ProSeries Professional. The K-1 has changed. You must manually enter income/wages/UBIA further down the K-1. It is now in section D-1. Once you enter it there (assuming all other qualifications), your QBI will calculate.

D

dsocpa

Level 6

Yes, still an issue. Haven't tried with any schedule C clients. There is also no code or entry point from box 17 for UBIA

D

dsocpa

Level 6

It's not working. The form 8995A is flagged as not ready to file. The status as of now is a 2/20/2020 EF ready date. I guess the choices are

1. Wait

2. Override

3. File paper

A

AndreaSReich

Level 2

In Lacerte if you re-export the K-1 from a Partnership or S-Corp after you have previously done an export the software does not always remove all items that no longer apply. I was having problem figuring out why my QBI income was approx. $180K less than income on K-1. Turns out when I changed from Sec 179 to Bonus depreciation Lacerte still had the Sec 179 in the K-1 screen Line 17. I needed to either delete the erroneous Sec 179 OR delete the whole K-1 and re-export from the 1120S. Worked like a charm. Right QBI income.

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