Hi. My father and two of my brothers are shareholders of our corporation. 2 of my brothers have already filled their taxes via TurboTax and everything went smooth as butter. However, I am getting this message and unable to e-file the return. My Schedule A has data in 2 boxes: OBI(loss) and UBIAA. What could be causing this error? Thank you
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Report the Section 199A from Schedule A so that the qualified business income deduction may be calculated.
At the screen Enter Box 17 info, you likely need to select code V Section 199A information. A value does not have to be entered. Click Continue.
At the screen We need some information about your 199A income, select the box to the left of items that need to be entered. An entry box will open up.
You will likely need the following information which may be found on the Schedule A enclosed with your K-1:
Enter these values for the qualified business income deduction to be calculated.
Report the Section 199A from Schedule A so that the qualified business income deduction may be calculated.
At the screen Enter Box 17 info, you likely need to select code V Section 199A information. A value does not have to be entered. Click Continue.
At the screen We need some information about your 199A income, select the box to the left of items that need to be entered. An entry box will open up.
You will likely need the following information which may be found on the Schedule A enclosed with your K-1:
Enter these values for the qualified business income deduction to be calculated.
Ok I figured it out. On the screen "We need some information about your 199A income" I wasn't entering ordinary income/loss amount. I was only entering UBIA amount and that what caused the issue. Thank you
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