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)
‎June 17, 2020
10:37 AM
