Errors During the Review Process - Section 199A

I am getting this message related to my 199A income:

Sch K-1 Wks-S Corporations: Box 17 Code V has been selected but no Section 199A income has been entered on Statement A.

I entered all info from my K-1 into the menus selecting the appropriate letter code for each item. Not sure what I need to do here. Is there a separate data page for Statement A?

Thanks.

185

New Member

Feb 26, 2024 5:39:32 AM

Same error in new processing for 2023 returns.

Expert Alumni

Feb 26, 2024 6:21:05 AM

Follow these steps:

At the screen Enter Box 17 info, you likely need to select code V Section 199A information. Click Continue.
At the screen We need some information about your 199A income, you will need the following information:
Ordinary business income (loss) from this business,
You may need the following information:
W-2 wages for this business, and
UBI of qualified property for this business.
Enter these values for the qualified business income deduction to be calculated.

Enter the section 199A information for the box 1 activity. The preparer of the Schedule K-1 should provide section 199A information to compute the qualifying business income deduction for the entity income.

2023 Shareholder’s Instructions for Schedule K-1 Form 1120S page 17 states:

The S corporation will provide the information you need to figure your deduction.

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Errors During the Review Process - Section 199A