SECTION 199A INFORMATION FOR TAX YEAR 2021

[DANGYKICKR]

When trying to submit my taxes thru Turbotax Home & Business Tax Year 2021, I am getting a Check This Entry message that tells me that Box 17 Code V has been selected, but no Section 199A income has been entered on Statement A.  I have put in the amounts of 2 entries I have on my K-1, but the input is not being accepted and I cannot file the return. Please advise on how I can override this entry message.

[AliciaP1]

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

Go to the black panel on the left side of your program and select Tax Tools. 

1. Then select Tools below Tax Tools. 
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent. 
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

[DANGYKICKR]

Thank you for the prompt attention to this matter.

Token# 931385

[Mike9241]

v in box 20 is meaningless. it goes nowhere. for the 199A deduction you need the supporting schedule for that info and that gets entered in the 199A section of the k-1. in forms mode open the K-1 and scroll down to the section labeled D1 and D2. that's whee the info gets entered to generate the QBI deduction and form 8995 

[DANGYKICKR]

Does anyone from Turbo tax have an update on this?  I still cannot get past this one item to file my taxes.  Please advise.

[AliciaP1 · Accepted solution]

You have missed checking the box, "xxx has business income (loss)" when entering the 199A income information.  To correct this you need to follow these steps in TurboTax Home & Business:

1. Within your return in Step-by-Step mode,  under the Personal tab and the Personal Income sub-tab click  Continue
2. Click I'll choose what I work on
3. Scroll down to Business Investment and Estate/Trust Income and click Update on the Schedule K-1 line
4. Click Update on the S corporations line
5. Click Edit for the S corporation K-1
6. Answer any questions that reset blank and Continue until you get to the We need some information about your 199A income screen
7. Check the first box for xxx has business income (loss) and enter the amount of your Ordinary Business Income from the matching line on your "Statement A - QBI Pass-through Entity Reporting" that is page 2 of your K-1.

This corrects the error and allows the QBI deduction to calculate on your returns.

@DANGYKICKR

[eshippee]

What do you if your section 199A income is a result of a Form 4797 and you are not a partnership but a sole proprietor?

[MarilynG]

Once you enter in your Schedule C, E, or F, 1099-DIV information and answer a few questions related to the business income, TurboTax will calculate the QBI deduction.

You could go back to the interview and select 'none of the above' on the Safe Harbor election page.
 

Click this link for more info on Qualifying for QBI Without Electing Safe Harbor. 

[gvancott]

 I have not been able to get past this to file my personal taxes. I have 0 income in this section (V). I have done my business taxes with TurboTax for Business 2021. I have not had a problem in previous years.

[AliciaP1]

Can you clarify if you are trying to get box 20 code V to populate on your business tax return? Or are you trying to do your personal return and do not have an amount in your box 20 code V?

@gvancott

[Kathlawrence]

Mine is Box 17 V Info on the K-1 and it has a zero value as mine is a Loss and you can't put a loss there per the IRS instructions. But I keep getting the error that there is no income reported on that line.  But there shouldn't be.

It also will not let me get past this ERROR check. 

Please help!

It's late and I need to get to bed but please advise.

See below image of my screen showing the RED V .

I tried changing it both ways that I've read in this chain but nothing works.

Any suggestions?

[Kathlawrence]

OH and mine is the personal return.  I don't know how to change it in the business and should I really?  It seems right. Zero since it's a Loss.

??

[wolnek]

token 1000156

I can't seem to clear code Z

[PatriciaV]

For 1120S K-1 Box 17 Code V (or 1065 K-1 Box 20 Code Z), nothing should be entered in the Amount field. Instead, enter the supplemental information later in the interview. If you have already entered a zero, delete the number so the box is blank.

[MardieNC]

Token 1026496 - I have a 1065 K1 with Code Z in Box 20.    It keeps telling me to enter Section 199A in Statement A and I have no idea what to do.    Bad closed loop.

There is no dividend income; only passive loss on rental real estate.

Thanks for help.....