"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?

[jchelak]

@AlexanderS08 It's March 3rd and the error still exists

[jchelak]

@AmyC How do we do this if we're using a disc? I've deleted this form now three times, but I still get the error when I sign back in and reenter the information. Is it still not updated on TurboTax?

[jchelak]

@DavidS127 I've gone through that screen very carefully and filled out all the information, but I'm still getting the error. Even on the form level I see the amounts entered in, but I still get the error.

[JamesG1]

Your S corporation 1120S income may qualify for the Qualified Business Income Deduction.  See this TurboTax Help.  Follow these directions to report 199A income from your S corporation 1120S K-1.

• At the screen Enter Box 17 info, you likely need to select V Section 199A information.  I have seen comments that the Amount does not have to be entered but I enter the Box 1 number if a value is not provided.
• Click Continue.
• At the screen We need some information about your 199A income, you will likely need to enter the following information:

1. Ordinary business income (loss) from this business,
2. W-2 wages for this business, and
3. UBI of qualified property for this business.

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

[jchelak]

Thank you for the reply. I've done all of these things, but I still get the error. 

[JamesG1]

Are you using TurboTax Home and Business?  Or another TurboTax version?

Are you receiving this error?  Please clarify.

Check this entry

Sch K-1 Wks-S Corporations Box 17 Code V has been selected by no Section 199A income has been entered on Statement A.

Or this error?

Does your K-1 have a code V in Box 17?

We're just double-checking.........

Or something else?

See also this TurboTax Help.

[jchelak]

@JamesG1 

I'm using TurboTax Home & Business. 

When I put the K-1 into TurboTax I  put in the amounts for 16 B and C and the amounts in 17 for AC and V.  In the case of V I add the two amounts from W-2 wages and UBIA. I break those amounts out on the next screen as well, the I click Done and then run the review.

The error at the top says "Box 17 Code V has been selected but no Section 199A income has been entered on Statement A.  There is no way I can enter anything to make that error go away, in other words, the "QuickZoom" button doesn't do anything.

It shows I have an error on line 17. The V is pink and there is an amount on the line next to it. I can double click on the amount in the box next to line V and it brings up another form for "Supporting Details". I've tried putting the details from my K-1 in there and saving, but the error doesn't go away.

Things I've tried:

* Going back to the K-1 section and double, triple, and quadruple check the amounts

* update my TurboTax

* delete the forms and re enter

* update my TurboTax

* wait a few days

* update my TurboTax

[JamesG1]

@jchelak

In TurboTax Desktop Home and Business, I am able to enter K-1 amounts for 16B and 16C and the amounts in 17AC and 17V.

The tax return Smartchecks and meets Review.  I am able to view the 1040 and see the QBID.

All entries were entered in the step-by-step process.

I also reversed 16B and 16C and 17V and 17AC and the software returned no problems.

I did find this TurboTax Help concerning K-1, box 17, codes AC and AD.  I did not experience the issue that it outlines but, perhaps you are experiencing it.

Under the gross receipts test under Sec. 448(c), a taxpayer's average gross receipts for the previous three years must not exceed $25 million ($5 million prior to enactment of the TCJA).

[ToddPinSB]

I struggle with this problem every year, and it always comes back to me forgetting to put a check in both the ordinary business income and, in my case, the UBIA boxes.  They want to sell you a more expensive program, which I don't need, so not all information will transfer over to the 199 sheet.  If you don't re-enter the OBI here again, along with the UBIA information that it really needs, when the program asks "We need some information about your 199A income or loss," it gives you the error and won't let you file.  I make this same mistake every year, so I hope this helps someone.  Good luck to you all.

[JamesG1]

@ToddPinSB

Yes, your S corporation 1120S income may qualify for the Qualified Business Income Deduction.  See this TurboTax Help.  Follow these directions to report 199A income from your S corporation 1120S K-1. 

• At the screen Enter Box 17 info, you likely need to select V Section 199A information.  I have seen comments that the Amount does not have to be entered but I enter the Box 1 number if a value is not provided.
• Click Continue.
• At the screen We need some information about your 199A income, you will likely need to enter the following information: 

1. Ordinary business income (loss) from this business,
2. W-2 wages for this business, and
3. UBI of qualified property for this business.

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

The Qualified Business Income Deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025.

[DrBluup]

BOX 17 CODE V HAS BEEN SELECTed BUT NO SECTION 199A INCOME HAS BEEN ENTERED ON STATEMENT A

How can I fix the error

[DaveF1006]

It depends. You do need to edit your K1 through the income section. You need to provide details about your Code V transaction. To provide the details, you need to look at your disclosure statement that came with your K1. Here's how to edit.

1. Log into Turbo Tax  if using Turbo Tax Online
2. Go to federal>wages and income>S-corps, Partnerships, and Trusts>show more
3. Schedule K1>revisit
4. Select update next to S corporations (Form 1120S)
5. Select edit next to the K1 
6. Scroll to where you entered the Box 17 information. Leave the amount blank. press continue.
7. Select that your investment is at risk.
8. The next few screens will ask you specific information about your 199A income. All this information should be on the disclosure statement that came with your K-1. This information you must enter in your return to claim QBI.

[scottbsmith]

Thank you so much for the explanation which worked as promised!  Genius! 

[cygnusdave13]

I've read this entire thread twice and see get the error message

I'm using TT Software Home And Business for Mac

I left the amount for code V box 17 blank since on my K1 it says STMT

When it says "we see you have Sec 199 income" I select "this income comes fro the S corp that generated..."

Then on the next screen "we need some information about your 199a..." I check has UBIA of qualified property and put in the amount from my K1. That is the only area where I have 199A income listed on my K1

I don't know what else to do - I didn't understand the instructions about deleting some form as that seemed related to the online version

any help most appreciated

[AmyC]

The box 17 code V needs the amount filled in from the statement with the information. The attached statement, STMT, knows the amount you need to fill in.