Schedule K-1 Line 17 Code V Wages Statement A

I can't get this to clear, have followed forum instructions but it won't pass the final check. I have a S-Corp and want the QBI deduction. The S-Corp pays me wages, which were put on the K-1 by TurboTax Business. I get a "check this entry" for Schedule K-1 Wks-S Corporations Box 17 Code V has been selected but no section 199A income has been entered on Statement A. The form below the copy above shows the income on the Line 17 entry with the V highlighted in red. I can't get past this - please help.

304

Returning Member

Mar 14, 2022 6:00:08 PM

I was still stuck on this issue and have not gotten any responses. It is vexing - the entries match my K-1 but it keeps finding the problem and won't allow me to finalize the return. I just tried deleting the K-1 and starting over. I found these instructions on this forum:

To enter the S-Corp K-1 with 199A information, please follow these steps:

When you are entering information from your K-1, on the screen, Check Boxes That Have an Amount, be sure you mark Box 17.
On the screen, Enter Box 17 info select code V, but leave the amount box blank. Click Continue.
On the screen. We need some information about your 199A income or loss, mark the boxes that apply. In your case: Ordinary business income; W-2 wages; and Has UBIA of qualified property.
Each time you mark an item, a box will appear to enter the value for that item. Enter the value from your K-1.
Continue through the rest of the screens.

Other posts make it clear that no amount should be entered per #2 above. On to #3 - for me it is only "ordinary business income" and "W-2 wages." I check the boxes and enter the values. This seems to have gotten me over the hump, and the QBI deduction kicked in.

So - the solution is that you have to make sure you enter the figures TWICE and be careful when following the interview prompts.

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Schedule K-1 Line 17 Code V Wages Statement A