Skedule K-1 line 17 entered V code. getting error

Forum|Forum|1 year ago
March 13, 2025
2 replies
23 views

Turbo tax sending error --"SchK-1 Wks-S corporations box 17 Code v has been selected but not Section 199A income has been entered on Statement A." Accountant included Shareholder's Section 199A form but it has no info--all lines blank. S corporation is a small family S corp and showing some royalties bu a minus ordinary business income this year.

This is the only error I have and can not proceed.

Any advice, please.

Susie Black

ThomasM125

Level 15

Section 199A is referring to Qualified Business Income (QBI). That applies to most business that are partnerships and S corporations. If your business income qualifies as QBI, the applicable income would be entered in box 17 with a code of V. So, TurboTax is asking for the income reported on the K-1 form that is QBI income. It is often the amount reported as income in lines 1 through 3 on the K-1 schedule. It can be positive or negative. You may have to ask the issuer of the K-1 schedule for clarification to determine what to enter for the QBI.

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CaBrandy

Level 2

I have a returning issue that the program keeps taking me back to line 17 of the K-1 for code V. I have entered the OBI loss but it keeps taking me back there when ask to transmit the return. I don't know what other information the systems need to complete the transmittal.