Error with Schedule K-1 Line 17 Code V *stmt

Forum|Forum|3 years ago
April 10, 2023
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So I, apparently like many others in this community, am receiving the Smart Check error when trying to file my return. It tells me my schedule k-1 is has code V information selected but no Section 199A income has been entered on statement A. I need to fix the error before e-filing. However, when I open the worksheet to correct, the information appears to be entered correctly. My schedule K-1 has business income as a loss so I enter the negative amount. Then my schedule K-1 has 2 codes in box 17. AC for gross sales receipts and code V with *stmt. On the statement attached with my Schedule K-1, I have the business loss figure, I have gross sales receipt figure and I have the UBIA figure that I input. I tried deleting the schedule K-1 and re-entering only to get the same message. I'm ready to e-file but it won't allow it until this "error" is fixed. What am I not doing right? And if so many others are having this issue, why hasn't turbotax corrected the software issue as well? I've used TT for the last 14 years for my personal taxes and my daughter's return but probably won't after seeing the enormous amount of people with this issue with Schedule K information beginning in 2019 or so.

TurboTax Self Employed Online

AliciaP1

You need to enter your Statement A Section 199A information toward the end of your Schedule K-1 interview questions in the step-by-step process in TurboTax. When you enter the K-1, after you have entered the details for box 17, there is a screen for We see you have Section 199A income that begins the entry of your information on the statement. On the next screen, We need some information about your 199A income, you need to mark the box for "has business income (loss)" and "has UBIA of qualified property". Enter the business loss amount from the statement and the UBIA line in the boxes that pop up once you click the boxes.

Section 199A is Qualified Business Income which is used to calculated the QBI deduction and was created with the Tax Cuts and Jobs Act that went into effect for the 2018 tax year.

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