199 entries on K1

[spanel]

Updated ....

Preparing a Scorp 2018. K1 Lines 17V,W,X do not calculate automatically. Assume the following

2 partners 50/50 owners
$50000 in wages each plus $20000 other wages
$10000 net profit Scorp
$25000 depreciated with items in service for less than 10 years

Should lines 17 look like this?

updated ****

17V $5000
17W $60000
17X $12500

updated ****


Thanks!!

Chris

[Brian EA]

My scenario is a little different from yours. In my case, one shareholder received Wages; however the software splits the W2 income.on the K1 QBI worksheet.. There are no V,W &; X drop down in Box17. This company is a Specified Service Business, however their income is below the limitation. I spoke to a customer service representative at Drake and they are working on it..

Waiting on the update
Thanks
Brian

[AZUKHiker]

Yes I would agree with your allocations for box 17 of the K1.

[John of PA]

I did the Drake Update Webinar today and thats right they are still finalizing some of the QBI schedules. When they are done (very soon) they will have done a really nice job and most of this will be automatic, including the K-1 line 17 info (which will be on an attache statement).