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K-1 Line 17 Code V error

Donna1
Level 4

Error "K-1 Wks-S Corporations: Box 17 Code V has been selected but no Section 199A income has been entered on Statement A"

The QuickZoom to enter Code V Section 199A information does not take you to statement A input. When is this going to be corrected? 

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13 Replies 13
Ephesians3-14
Level 7

Intuit is totally dragging their feet on this issue. Several weeks into the tax season and they STILL haven't resolved it. I talked to my other colleagues who use Drake and Tax Slayer - both of those programs are up and running with QBI, and no problems. What have the ProSeries programmers been doing the past 10 months?

MDAROSA1
Level 2

It also appears after i get by this error, I get another error that this software release does not support s corps k1 with section 179.   It states wait for a future release

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MDAROSA1
Level 2

Have received a fix for this yet?

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kimh
Level 1

I am having the same issue.  I am updating twice a day, as I have a line of clients waiting on returns.  Do we know if it will correct returns that have already been entered when the update does finally come?

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House
Level 2

Same issue here.  No Code V Statement A area to input info.

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Donna1
Level 4

When I originally posted this question, I found a post from another preparer. I wish I could remember who it was to give the credit. The suggestion was to scroll all the way down the K-1 input. Towards the bottom is where you can enter the information. The problem is the link. It does not take you there. I was able to get rid of the error message. I do hesitate to finalize the tax return until it is fixed as I worry there are other issues that I may not be aware of. It is very frustrating to have multiple returns that I could finish but am afraid to do so.

marinholn
Level 1

This is what I found last week.....but is not working now....anyone can take it from here???

....I think I may have found a fix for this error. I switched to forms view, went to Statement A for the K-1 and entered the TT-calculated UBIA into the UBIA field on the Statement. I ran the error check again and it cleared. For some reason the program must not be pulling the UBIA into the Statement for the K-1. I'm crossing my fingers this works. 

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kimh
Level 1

Thank you so very much for this.  I at least now feel comfortable returning and collecting for the returns.  I did tell them I would not file until the update.  Seriously thank you for this info, and to the original poster thank you if you read this!  

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Candy L
Level 1

Scroll down past the error to section D1 and input the information. It will clear the error and calculate the QBID.

House
Level 2

Thanks!  That works for now.

MDAROSA1
Level 2

Ok I do that but now I get an error that software does not support sec 179 deductions and must wait for future release. i need to finish these returns,

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LIly
Level 1

When will the code V error be corrected??

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House
Level 2

It was fixed already.  Do an update and it should work now. Mine does.

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