"Sch K Box 17 Code V has been selected but no Section 199A income has been entered on Statement A." I HAVE 199A income entered on statement A. How can I fix this error?

[mikek947]

No nothing has been fixed yet. I don't think they know how to fix it. 

[xpgmmsb1]

I was able to fix the error for the 8995, but I can't recreate what I did.

When I clicked on the error, I think I was able to get information from a help screen.  

I do recall that I added my K-1 income somewhere in the error popup frame. 

I wish I could remember exactly how I did it, but I can't seem to recreate it.

[Victor82]

I just went through this error with the online support.  They had me scroll to the OTHER INCOME option at the bottom of the drop down.  I then clicked on the CONTINUE tab.  It cleared up so I was able to e file.

[mikek947]

Do you mean  'AC   Other Information'  on the drop down when you click on the error?

[mikek947]

I clicked on the 'AC  other information' at the bottom of the drop down list and it did fix the error problem.

[tabney33771]

Finally!  Thanks for the tip. That worked. 

[DavidS127]

When using the code AC "workaround", be sure to check that the your K-1 Statement A amount is included in your QBI deduction calculation.  Entering first as code V and then as code AC may correctly populate the QBI sheets, but entering code AC first may not. 

[davetpet]

I am getting the same error.   I get to the K1 box 17, it has  V - "STMT" on the actual K1

I enter V in box 17 in turbo tax, leave the quantity blank
Go through other entries until it get to the "more information", where I I have both W2- wages and UBIA
I check both boxes, enter
W2 - $4392
UBIA - $141
continue through worksheet.   I get no errors, etc.   

Smart Check then flags it as an error with "Sch K-1 Wks-S Corporations (companyName): Box 17 Code V has been selected but no section 199A income has been entered on Statement A.

in the "schedule k-1 form 1120S " form, in section D1 "Shareholders share of QBI or qualified PTP items", it has the W2 wages I entered and the UBIA I entered.  everything else in this section is blank.

I'm at a loss here as to what I need to do.  I've done an update, deleted the K2 form an re-entered everything.  same issue

[ThomasM125]

Code 17(v) indicates that you have qualified business income (QBI). It is normally the same amount as your income reported in boxes 1 to 3 on your form 1120-S schedule K-1, but it can vary.

There should be a schedule attached to your K-1 form telling you what the amount is, if it is not listed directly on the K-1 schedule in box 17. You need to enter the QBI income in the box 17(v) entry in TurboTax.

[gsmithroundrock]

Using AC on line 17 would not transfer the QBI to form 8995 for me. But scrolling down the K1 worksheet to section D1 and entering the amount into the line ordinary business income cured the error and transferred the UBI into form 8995. 

[DavidS127]

The IRS Instructions for Form 1120-S Schedule K-1, box 17, code AC can be found at this link.  Code AC on a properly prepared 2019 Form 1120-S Schedule K-1 is not for Section 199A (QBI) information. 

The QBI information on a properly prepared 2019 Form 1120-S Schedule K-1 should be on a Statement or STMT associated with box 17 code V.

It is possible that your K-1 contained both code AC and code V on the same Statement/STMT.

Also, at one point there was a report that when you have both code AC and code V for box 17, that the code V information must be entered first, and then the code AC information.

@gsmithroundrock

[aenochs]

If you have multiple items on your Statement A for Code V in Box 17 of your K-1 (S-Corp), you will need to enter each item separately on the Screen on TurboTax for Box 17. For example, if Statement A for Code V on your K-1 has an amount for Ordinary Business Income ($1,000), and W2 Wages ($15,000), and UBIA qualified property ($50,000). Box 17 in TurboTax will be:
V - Section 199a information     $1,000 

V - Section 199a information     $15,000

V - Section 199a information     $50,000
*** enter negative amounts with (-) sign in front of amount.

On the screen: We need some information about your 199a income or loss, select each item reported on and enter the amounts associated with each as reported on Statement A for Code V.

[rutgoff1]

Another solution

My scenario:

• Ordinary Business Income line and W2 wages line on Statement A received from business have values
• Started out using TurboTax Self Employed Online version
• Went through wizard for K-1, entering V and the amount from my Statement A, then checking the box for W-2 Wages and entering the right amount in the following question.
• Received same error as others: "Sch K Box 17 Code V has been selected but no Section 199A income has been entered on Statement A."

Solution:

• Export your tax return from online version
• Open your return in TurboTax desktop (yes I had to spend $119.99 to fix this issue, which sucks)
• Go to Forms (upper left icon)
• Open your K-1 S Corp (NAME OF BUSINESS) and under "Section A" ensure all the same fields have values as the Statement A you received from the business. In my case the Ordinary Business Income field was blank.
• Repeat for each K-1 S Corp listed (there should be 1 per shareholder)
• e-File
• Profit!! (you know, or not, depending on your situation)

[DavidS127]

For the Section 199A information associated with box 17 code V, enter the code V when you enter the K-1 box 17 screen, but you don't need to enter an amount.  Continue on, and you'll find the "We need some more information about your 199A income or loss" screen.  This screen must be completed with the numbers from your Section 199A Statement or STMT.   

When you check the box next to a category on that "We need some more information about your 199A income or loss" screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1.  The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax for the federal tax return.

@rutgoff1

@aenochs

[dietzbp2005]

yes!!!! thanks.  That fix the problem. great