Form 1120S Schedule K-1 Box 17 Code V

[ryankhkim]

Based on similar questions posted on the forum, I've entered all information I can for Section 199A information and in the section for "we need some more information about your 199A income or loss". The only amount available on my Statement A is UBIA of qualified property with everything else blank. The smart check for my federal returns is keeping asking me to reselect the option for Box 17 from Code V, although my K-1 says *V and "STMT". Should I make an alternate selection and not V although my K-1 states so along with an attached Statement A?

[quickenfan]

I had a similar situation. "STMNT" on my K1 meant that there were notes on the back of the page that related to that line. On the back of yours, or another page, see if there are notes with one labeled something like "Box 17 Code V" and you might find a figure to use.

You also might have a note about getting an electronic version of your K1 at a website. I did that also and found a way to download a text file of the form that TurboTax could read. It saved me some confusion. 

[PatriciaV]

@ryankhkim

Please clarify if there is an amount on Statement A for the UBIA. This does relate to Schedule K-1 Box 17 Code V.

[ryankhkim]

@PatriciaV 

Yes, the one figure that is available on my Statement A is UBIA of Qualified Property with everything else empty. I did include this amount in my program as part of entering in my Statement A information.

[PatriciaV]

Please clarify what you see with the message that TurboTax needs more information. Does it present a form with a box shaded in pink? Or a separate field that needs to be completed?

[ryankhkim]

@PatriciaV 

TurboTax is presenting a box shaded in pink for me to re-select code V for line 17 during the final smartcheck of my federal filing.

"Check This Entry
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 don't have any income on my Statement A, just UBIA of qualified property.

[PatriciaV]

Have you entered the UBIA amount? If you have no Section 199A income to report, you can uncheck Box 17. Just be sure you have entered everything from your Schedule K-1.