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
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.