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

[MarmieB]

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]

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. 

[CaBrandy]

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.