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.
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.
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:
The form 8995 is created by TurboTax to calculate the QBI deduction on the personal tax return of each shareholder.
It is not attached to the tax return of the S-Corp (form 1120S).
I understand that, but after I enter my K-1s in TurboTax for our joint return it's showing zeros on the Form 8995. The K-1s Box 17 has a V *STMT. How do I enter that into TurboTax?
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.
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.
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:
Under the uncommon adjustments, what is the "wages of XX" asking for?
This line of the Other Uncommon Adjustments screen is for W-2 wages allocable to qualified payments from specified cooperatives.
Until the box for that item is operable in the Step-by-Step interview, this item can only be entered on the K-1 in Forms mode of the Download/CD version of TurboTax. This issue has been submitted but no date has been given for resolution.