K-1 199A

[Anonymous_]

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@ftmackinc wrote:

My assumption is you do not work for Intuit?

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Your assumption is correct; I am not an Intuit employee. Regardless, I do have a copy of TurboTax Business, have run several test returns, and also see "STMT" on Line 17 next to the V code. However, I also have a statement directly beneath the K-1s (in Forms Mode) with the appropriate figure connected to Line 17.

Have you entered Forms Mode and, if so, do you see "Statement A" (or a facsimile) below your K-1(s)?

[ftmackinc]

did your 1120s K-1 have a V or a V*

[ftmackinc]

I have entered the forms mode and entered the correct information.  The return itself is  calculated correctly but when you go to do the final error check, you can't get passed not entering an amount on the line 17 and it only allows the V selection and not the V* selection.

[Anonymous_]

@ftmackinc The K-1s had a V* in TurboTax Business and the Statement directly below them in Forms Mode.

[Anonymous_]

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@ftmackinc wrote:

The return itself is  calculated correctly but when you go to do the final error check, you can't get passed not entering an amount on the line 17 and it only allows the V selection and not the V* selection.

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With TurboTax Home & Business (in the K-1 entry section), I selected Code V for Line 17 and entered the figure from the statement. I then was presented with the following screen (which I completed) and my test return passed the error check.

[ftmackinc]

Newest update today corrected the problem.  thanks.

[SuperAcct]

My box 17 code V on Schedule K-1 1120S on 2019 Turbotax  Home and Business is not showing the same message. It is not red.  But it won't allow the word stmt to the right.  It will only allow a dollar amount.  My K-1 has the word stmt.  The link below on the Turbotax page to take you to the Code V Section 199A Information takes you to another page that has box 17, but there is no place for code V.  

So do I assume this form is still in process???  I get no messages or warnings.  

[Anonymous_]

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@SuperAcct wrote:

...it won't allow the word stmt to the right.  It will only allow a dollar amount.  My K-1 has the word stmt.  The link below on the Turbotax page to take you to the Code V Section 199A Information takes you to another page that has box 17, but there is no place for code V.  

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You have to enter the dollar amount from the statement you received with your K-1 (or should have received), not "STMT".

Subsequently, the program will require you to input more information (see screenshot in the post above) for the 199A income or loss. There should be no need to enter Forms Mode at this point.

[adawalter]

There isn't an amount for Box17 V, just STMT and it wants a number.  I have been spending over an hour on this-HELP! 

[adawalter]

I'm preparing a return and trying to input the income.

[Anonymous_]

@adawalter You should have received some sort of statement (or addendum) with your K-1 that has the actual figure you would input on Line 17. 

The program is looking for a number on Line 17 with a V code; it will not accept "STMT" or anything other than a number.

[Anonymous]

for 2019 the IRS has a new form to report QBI info - 199A info. it's 8995

[Anonymous_]

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@Anonymous wrote:

for 2019 the IRS has a new form to report QBI info - 199A info. it's 8995

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The figure entered on Line 17 (V code) will wind up on that form but, apparently, some users are trying to enter "STMT" (because that is what is printed on their K-1s) and/or they did not receive a statement from the issuer.

[lkeener]

I finally was able to complete my taxes on Saturday. Although my K-1 still had "STMNT" on box 17 under V, I figured out the number that was to go there (I used the same figure as line 1) and plugged it in. It worked.

Thanks to all the responses.

[AlvinS]

When I do the Federal review, I still get an error Box 17 Code V has been selected but no income has been entered on Statement A.  There is no statement A in the forms and there was no opportunity to enter it when filling out the information for the K-1s.  Any suggestions?