Can you tell me what to enter in Turbo Tax from Schedule K-1 when box 17 says V* and the Other Information box says STMT? Something from the QBI form?

[whisperingwinds1]

RE:  Schedule K-1, Form 1120S:  My acct. prepared my S Corp taxes.  My K-1 form in box 17 has V* and the Other Information box has STMT.  Attached to my 1120 is the QBI (Qualified Business Income Deduction).  Turbo Tax is directing me to:  "Fill in the code and dollar amount reported on Box 17 of your Schedule K1."  Mine says STMT instead of giving a dollar amount.  What do I enter here?  Something from the QBI form?  

[DawnC0]

To get the Qualified Business Income deduction to calculate in TurboTax you will need to enter the information from the statement.  Here are the QBI-related codes that get entered into TurboTax Box 17.  Check with the accountant if the breakdown on your statement is not clear.  You do not need all of these codes, but these amounts and codes are used for the QBI (Section 199A) deduction.  

• V Section 199A income 
• W Section 199A W-2 wages 
• X Section 199A unadjusted basis 
• Y Section 199A REIT dividends 
• Z Section 199A PTP income

https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf - 1120S K-1 instructions.  

[lyoder81]

Do I enter the number in UBIA of qualified property

[DavidS127]

To enter your box 17 code V information properly, Continue through the K-1 interview after you have entered your code V for box 17.  There is a screen near the end of the interview titled "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.

Here is a screenshot of the screen you are looking for:

 And, depending on what is reported on your K-1 statement, you may need the next screen as well:

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

[Edited 3/15/2020|8:03am PST]

@lyoder81