Required but can't figure out: Schedule K Code C through AC, line 17d when 199-A Reported

[e-filippo]

Background:  S-Corp reporting  K-1 income to myself, 100% shareholder.

I get "Additional Information Required":
You selected a code C through AC on Schedule K, line 17d.

What I inputed shows up on the form:
I have an amount 17-d as code v
17-d code W  Section 199A W-2 wages  (the amount here includes my employees, not just my officer/director/owner wages)

Here is some of the text of the additional information requested message:  Although an amount entry is required on Schedule K, line 17d, the shareholder's portion of the amount entered will not appear (etc, 7 lines in the paragraph more).

I can't figure out what to do. Thanks!

[tagteam]

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@e-filippo wrote:

I can't figure out what to do. Thanks!

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I do not believe you actually need to do anything. The program appears to be informing you that there will be no figure entered on Line 17 but, rather, a 199A statement will be generated and is to be issued along with the K-1 to the shareholder.

If your return passes the error check, which my test return passed, you should be fine.

[e-filippo]

tagteam - thank you, that helped!  Have a great Sunday evening.

[Lajsiab2020]

I need the amount to enter schedule K-1 line 17, code V, form 199A.  Form 199A have 3 amount indicated, which one should I enter toi Tax Form?

[JamesG1]

There are three different kinds of K-1’s that can be entered into TurboTax software.

• Partnerships/LLCs (form 1065)
• S corporations (form 1120S)
• Estates and trusts (form 1040)

You should be able to read the top of the form and determine which K-1 that you will be entering.  I think that you are asking about S corporations (form 1120S).

Please follow these directions.

• Down the left side of the screen, click on Federal.
• Across the top of the screen, click on Wages & Income.
• Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
• At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
• For several screens, you will be entering data right off the K-1 form.

K-1 1120S box 17 information is entered under code V.  If the K-1 has no dollar amount, the Section 199A income will be on an attached statement.

At the screen We see you have Section 199A income you will probably choose The income comes from the S corporation that generated this K-1.

At the screen We need some information about your 199A income, you will likely enter:

• the income line,
• a W-2 wage line and
• a UBIA of qualified property line.

Hopefully this information is on an attached statement if the information is not listed on the K-1 itself.

You want to reach the screen Great news!  You get a tax break if you qualify for a qualified business income deduction.