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March 31, 2023
Question

"Sch KI-1 Wks-S Corporations : Box 17 Code V has been selected but no Section 199A income has been entered on Statement A". What do I do? It will not let me complete.

  • March 31, 2023
  • 1 reply
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This message stops me from filing.  What do I do to get around it?

1 reply

March 31, 2023

If you do not have the QBID information or choose not to take it, go to your K-1 and remove the Box 17 Code V entry so that you can e-file.  

 

Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called the Section 199A deduction – for tax years beginning after December 31, 2017. The deduction allows eligible taxpayers to deduct up to 20 percent of their QBI, plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.