The statement for Section 199A Items (Box 17 Code V includes three lines (NOT columns), with a number after each line's name. The lines are "Ordinary Income (Loss)," "W-2 Wages," and "Unadjusted Basis." I am a PASSIVE investor, and the "Ordinary Income" is NOT a loss.
Whether I enter any number in Turbotax for 17V or leave it blank, the Turbotax check or smartcheck shows an error for 17V. WHAT MUST I DO TO ELIMINATE THAT ERROR??
For IRS Schedule K-1 (1120S), at the screen Enter Box 17 info, select code V Section 199A information. A value does not have to be entered.
Then click Continue.
At the screen We need some information about your 199A income, click the box to the left of the item to be entered. An entry box will open. You may be entering:
Enter these values for the qualified business income deduction to be calculated.
For IRS Schedule K-1 (1120S), at the screen Enter Box 17 info, select code V Section 199A information. A value does not have to be entered.
Then click Continue.
At the screen We need some information about your 199A income, click the box to the left of the item to be entered. An entry box will open. You may be entering:
Enter these values for the qualified business income deduction to be calculated.
The guidance provided in your response solved my problem. I had believed that I could check only one of the choices provided. When I checked a second entry and then entered the "Ordinary Income" figure, all was accepted. Thank you - thank you - thank you!!!!