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How Resolve IRS Rejection, Missing Data: CorrectiveActionTakenStatement must have a value.

IRS Rejection Reason

Missing Data: If Form 4720, 'TotalUndistributedIncomeCYAmt' in 'IRS4720ScheduleB' has a value greater than zero, then ['CorrectiveActionTakenSchBGrp' or 'NoCorrectionMadeGrp'] in [CorrectiveActionTakenStatement] must have a value.

RuleNum: F4720-026

Issue: Corrective Action Description section on Form 4720, Schedule B is blank.

How to Resolve:

  1. Navigate to Tax Forms -> Form 4720 -> Schedule B -> Corrections
  2. Add a description in the "Corrective Action Description" Field
  3. Click the "Save" button in the Tools bar
  4. Resubmit your Form