Section 199A Income on K-1

Forum|Forum|6 years ago
March 5, 2020
14 replies
0 views

I have a K-1 that has a -1029 entry in Box 20 with a Code Z. TurboTax's error check indicates that no section 199A Income has been entered on Statement A. Is this correct? If so, where do I find Statement A?

Show previous replies

algertax2012

I could not get this resolved until I went back and deleted the whole k-1 and then started it over. And yes, I left the amount field blank for Line 20, code Z. Then It took me to other questions and I was able to pass the final review. I don't know how it happened but I went from owing to getting a refund at that point so I e-filed immediately! Lol I hope it's all good. fingers crossed

LoganLou

For online turbo tax I found this worked for the error "no income for statement A". Once start to input information for your K-1 you get to the screen where you input your information after checking the boxes you have amounts in. For box 20 change the code to Z and leave the amount blank. After clicking some more sections you will get to the "We need some more information about your 199A income. Select the first box " blank partnership has business income (loss)" to get more drop-down boxes. In the ordinary business income box input 0. Enter your other information in the drop-down boxes as it states on your 199A statement. For my partnership it was a gain in the section 1231 box. Once I clicked through everything else in federal review it did not give me the "more information needed on your 199A." This work around appears to clear the "no income for statement A" error. Hope this helps!

henkinc

So I did just that twice. I left the K-1 code Z box with no $ entry and the program seemed to have asked me all the right questions since the details for what "should" have been provided in the 199A screen were answered for each of the 5 K-1s (all same type of rental partnerships). The TurboTax program still won't let me e-file because the section 199A information was not provided. To get to a zero entry in box 20 Z I deleted any dollar entry. Do I have to go back and literally recreate all the K-1 information again in a new filing? I hope to avoid this since it seems it would not work anyway. Help.

HopeS

You may need to delete the K-1 and reenter it if all the suggestions provided do not work.

Before re-entering the K-1 try and clear your Cache since information might be trapped. See the steps below:

How to Clear Cache

Also, review the link below:

Revisit K-1 Box 20z

@henkinc

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

renaissance_man

I have a K-1 that had the error on code Z, even though I entered all the Section 199A /Statement A information (I only had W-2 wages and UBIA). My K1 didn't have anything in Box 1 (no ordinary business income, only rental real estate activity). So I went into forms mode, found the K1, went to Section D1 "QBID-Statement A Information". It has all the Statement A information, like W-2 wages and UBIA. I entered "0" into Ordinary Business Income box and the error was gone.

shiva70

Hi all, I am using Turbotax Deluxe 2022 version.

I have a rental loss on my S-corp and got a K-1 1120S.

However, when I get to smart check - I get an error

Box 17 Code V has been selected but no Section 199 A information has been entered on Statement A

I tried entering the amounts from my statement A from the K-1 and it still does not work - tested with zero, positive and negative - and I still get the same error. Please help me resolve this.

HopeS

If you are entering Box 17 using Statement A received as indicated in the screenshot below, then try deleting the K-1 and reentering the information again. First, review Statement A to make sure you are entering the K-1 Box 17 correctly before deleting it.

Once deleted, log out of TurboTax and clear your Cache before logging back in.