The following instructions will help you to enter the K-1 in TurboTax for the QBI deduction: Under Wages and Income, scroll down to the Subheading Business Income, and select K-1. On the screen Choose Type of Activity select whether it is Business Income or Rental Real Estate, (if business income, answer questions regarding your stock ownership and Material Participation, if rental real estate, answer the appropriate questions about being a Real Estate Professional, Active Participation, and Special Handling.) On the screen Check Boxes That Have an Amount, you should select Box 17 info. Cilick on the dropdown boxes. You should see codes V and W on the K-1 (if you do not, this is would be one reason why the QBI does not calculate. This information must be entered from the information on the K-1 for QBI to calculate). Select any that apply on the screen Other Situations, and any information to the question Did this business receive qulified payments from a cooperative. Answer the question about anticipated income on the next screen, We're almost done. If anticipated income is below the threshold, QBI will calculate after that screen. If above, you will provide additional information, and QBI will calculate according to the final results of the calculations.You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528[Edited 3/9/2019 8:58 PST]

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Gy4604

Level 2

Solved

Home/ business edition turbo tax for 2018. S Corp income on K1 & eligible for qualified business income deduction-But no box 17 option for V and W to enter totals

Forum|Forum|7 years ago
June 6, 2019
4 replies
1 view

No text available

Best answer by DanielV01

The following instructions will help you to enter the K-1 in TurboTax for the QBI deduction:

Under Wages and Income, scroll down to the Subheading Business Income, and select K-1.
On the screen Choose Type of Activity select whether it is Business Income or Rental Real Estate, (if business income, answer questions regarding your stock ownership and Material Participation, if rental real estate, answer the appropriate questions about being a Real Estate Professional, Active Participation, and Special Handling.)
On the screen Check Boxes That Have an Amount, you should select Box 17 info.
Cilick on the dropdown boxes. You should see codes V and W on the K-1 (if you do not, this is would be one reason why the QBI does not calculate. This information must be entered from the information on the K-1 for QBI to calculate).
Select any that apply on the screen Other Situations, and any information to the question Did this business receive qulified payments from a cooperative.
Answer the question about anticipated income on the next screen, We're almost done. If anticipated income is below the threshold, QBI will calculate after that screen. If above, you will provide additional information, and QBI will calculate according to the final results of the calculations.

You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528

[Edited 3/9/2019 8:58 PST]

DanielV01

Level 15

Did you already receive a K-1 or did you need to prepare one?

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

Gy4604Author

Level 2

I received a k1 s-Corp . And it has totals in box 17. V W X to enter to my 1040. this will be qualified income on my 1040 since we are under $315000

DanielV01

Level 15

@gyoungfmband1421 I have edited my answer to update my instructions

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

DanielV01Answer

Level 15

The following instructions will help you to enter the K-1 in TurboTax for the QBI deduction:

Under Wages and Income, scroll down to the Subheading Business Income, and select K-1.
On the screen Choose Type of Activity select whether it is Business Income or Rental Real Estate, (if business income, answer questions regarding your stock ownership and Material Participation, if rental real estate, answer the appropriate questions about being a Real Estate Professional, Active Participation, and Special Handling.)
On the screen Check Boxes That Have an Amount, you should select Box 17 info.
Cilick on the dropdown boxes. You should see codes V and W on the K-1 (if you do not, this is would be one reason why the QBI does not calculate. This information must be entered from the information on the K-1 for QBI to calculate).
Select any that apply on the screen Other Situations, and any information to the question Did this business receive qulified payments from a cooperative.
Answer the question about anticipated income on the next screen, We're almost done. If anticipated income is below the threshold, QBI will calculate after that screen. If above, you will provide additional information, and QBI will calculate according to the final results of the calculations.

You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528

[Edited 3/9/2019 8:58 PST]

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

Gy4604Author

Level 2

Thank you. My complete and ridiculous failure was to SCROLL down to V W X on the box 17 entries. Thank you for your help. It made me realize I was missing something obvious.