Question

Form 1065 - QBI error

Forum|Forum|4 years ago
March 7, 2022
1 reply
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I selected the Federal Review of my TurboTax Business. I got an error message to correct Form 1065 p4-5 - 199A (page 1): UBIA - The total amount is larger than the amount allocated to all Schedule K-1s. Review the K-1 Statement A to ensure that the combined K-1 amounts for this item are increased by..... What concerns me, as a former CPA, is that all the information it is asking me to correct is correct. There is a nuance I am sure with the software you must work around. The tax experts from TurboTax told me their superiors say they can't give tax advice on the business product. I am asking to resolve an error message on your software that I purchased in good faith. Your the tax experts right? It is your software right? It is an error message on your software? Help me work around it, so it works.

TurboTax Business Windows

AliciaP1

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions:

At the top menu in the black line at the top of the page go to Online.

From the menu, select Send Tax File to Agent.
You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

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B

bquosigk

Please help. I have the same error. My token number is [removed]-00270808.

B

bquosigk

The QBI adjustments need to be made using Forms Mode on Statement A (appears below each Schedule K-1).
The allocation of liabilities is made on Form 1065 p5-6 under the Balance Sheet in the Partners' Liabilities Smart Worksheet.

Here is a quick table of what was shown on each Statement A for Ordinary Income and an example of the amounts that could be entered for UBIA and Ordinary Income. Be sure you calculate these numbers yourself.

Here is Statement A for one partner, showing the incorrect amount for Ordinary income and the empty UBIA box.

Here is the liability section that needs to be allocated. You can use an allocation code in the box for beginning and ending, example "O" for ownership percentage, "P" for profit percentage.