TurboTax Bug in Form K-1 Reporting

[chuck3]

In TurboTax personal edition, when I enter the information for form K-1.  I get a red flag when I enter a "V" code on line 17 and I can't get rid of that error.  I think that is a bug in TurboTax because "V" is a legitimate entry on my K-1.  How do I resolve this?

[JulieS]

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

What type of Schedule K-1 do you have, 1041, 1065, or 1120-S?

What is the "bug" you are experiencing?

[chuck3]

My K-1 is from an S-Corp (1120S).  The bug is (as I stated in my original post) when I attempt to add the K-1 to my personal tax return and I enter a code of “V” on line 17, it flags it in red as an error.  It can’t possibly be an error because “V” is a legitimate and commonly-used status code on line 17.

[dmertz]

For code V in box 17 of a Schedule K-1 (Form 1120-S) from an s corp, you must answer additional questions regarding the Section 199A amounts.  Failure to provide any of those Section 199A entries will result in TurboTax flagging code V with an error.  Be sure to go back through the entry of this Schedule K-1 and make the necessary entries on the We need some information about your 199A income page.

[JulieS]

Yes, try dmertz solution. 

If that doesn't resolve the matter, please respond back with more details including whether your are using TurboTax Online, or Desktop (software installed on your computer). 

If you are using the software, are you entering the information in Step-by-Step, or in Forms mode?

I tried really hard to find a way to get something to show up in red for me, but no matter what I did, the program accepted my entries. 

[chuck3]

Thank you for trying to duplicate the problem.  I’ll try the demertz solution.  This sounds like another situation in TurboTax where there is a conflict or inconsistency between the step-by-step and the direct forms entry data.  I’ve reported at least 3-4 other bugs like that this year.

This year’s edition of TurboTax is full of bugs like this and it’s getting very frustrating!  I reported another bug like this a couple of weeks ago that is preventing me from filing my S-Corp return because it’s still not fixed.

[dmertz · Accepted solution]

In forms mode, TurboTax has a QuickZoom button for code V that will take you to section D1 where you must enter the necessary details.  TurboTax properly flags the error on code V if nothing is present in section D1 of TurboTax's Schedule K-1 (Form 1120-S) form.  The error description identifies this as being the problem.

[chuck3]

You are correct.  That was the problem.  I had entered the basic information for the "V" status, but TT wanted some additional information in section D1.  I think that TT could be a lot more intuitive and user-friendly in how this kind of error is handled.  None of the missing information in section D1 was flagged.