SECTION 199A INFORMATION FOR TAX YEAR 2021

[dickk5839]

I received a K-1 that includes section 199A info on line 20. I can't seem to input the info properly into my return since my attempts to E-file are rejected because of this entry. I don't think the info affects my  tax liability should I just delete it from my return ?

[wtcox]

This solved a different but related problem for me. One of my K-1s had Box 20 Code Z with "[See] Statement" but the statement had several items.

I first tried inserting the most meaningful (yes, I know it's taxation...) with no success.

This excellent answer led me to delete the Box 20 Z code, and it now passes the error check with no changes to the tax treatment.

[wdegaude]

Schedule K-1 doesn't show the 199A Deduction, except a V on line 17.  Is my income going to be reduced when I do my personal taxes, entering the information from the K-1 ???? 

Thanks!

[DianeW777]

No.  You should have a statement that provides the amounts for Box 17. This would have been provided with the K1. Review your documents and if necessary contact the person or agency that provided you with the K1.

• Form 1120S-K1 Instructions (page 16)  
  • Code V. Section 199A information. Generally, you may be allowed a deduction of up to 20% of your net qualified business income (QBI) plus 20% of your qualified REIT dividends, also known as section 199A dividends, and qualified publicly traded partnership (PTP) income from your S corporation. The S corporation will provide the information you need to figure your deduction.

@wdegaude