Federal review expects 199A income on the K-1, but he K-1 has code V with no 199A income on it

[ue1]

Federal review: "Sch K-1 Wks-S Corporations: Box 17 code V has been selected but no Section 199A income has been entered on Statement A"

My K-1 Statement A (QBI Pass-through entity reporting) is showing ordinary business loss, and a positive value on the UBIA of qualified property, and Section 199A dividends has no value.

Not sure how to proceed from here.

[JamesG1]

TurboTax wants to compute the Section 199A Income deduction.  Follow these steps.

• Continue through the K-1 For 1120S entry screens.
• At the screen Enter Box 17 Info, select V-Section 199A information.  Leave Amount empty.  This tells the software that Section 199A information will need to be entered for the income previously reported.  Click Continue.
• At the screen We see you have Section 199A income, select the appropriate income description.  Click How would I know this? for more information.
• At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1.  You may need to click XXX has business income (loss).
• In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property.  Click Continue.
• The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.

@ue1 

[ue1 · Accepted solution]

@JamesG1 , thanks but I still don't understand what to put as 199A income.

• On the K-1 entry form for 1120S I selected V in box 17 and the info was *STMT (no amount specified).
• "At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1. " ... but there is no amount.
• "You may need to click XXX has business income (loss)" ....... "The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information."   ......

STMT A in my K-1 only has the following types of information:

• Ordinary business income (loss)
• UBIA of qualified property

That's it. Nothing about 199A.

What do I enter as 199A income?

[AliciaP1 · Accepted solution]

Under the We need some information about your 199A income... line there is a list of check boxes - "XXX has business income (loss)", "XXX has 1231 gain (loss)", "XXX has Section 179 deductions", "XXX has other deductions", "XXX has UBIA of qualified property" and "XXX has REIT dividends".  You need to check the box for "business income (loss)" and enter your Ordinary business income (loss) from your statement into the box that appears.  Then check the "UBIA of qualified property" box and enter the information from your statement in the box that appears.

@ue1