Check This Entry: Code V - Section 199A Information

[lissa0103]

I am in the review process and am getting a pink code box on the 2023 Schedule K-1.  I've tried the previous steps to remove the amount in the original K-1 entry but continue to get the pink error code for V in the review.  All info is correct, but I cannot complete my taxes.  Please help!

[JamesG1]

In TurboTax Online, enter IRS form K-1 (1120-S) information at the screen Enter Box 17 info,

• Select code V Section 199A information.  Do not enter a value to the right.
• Click Continue.
• At the screen We need some information about your 199A income, you will likely enter the following information: 
•     Ordinary business income (loss) from this business, and/or
•     Rental income (loss).

Enter these values for the Qualified Business Income Deduction to be calculated.

Some preparers of the K-1 form will include the Section 199A information on a separate statement called a Statement A.

It is possible that additional information may need to be entered.  Click the box to the left to open up entry boxes.