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.
Follow these steps:
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.