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Level 3
posted Apr 11, 2020 4:09:49 PM

How to enter 1120S, Sec 199A (Box 17, code V) with multiple numbers?

Hi,

I am trying to enter my 1120S into TurboTax (Premier). For Box 17, I have a code V, but on the 1120S it references a statement attached that breaks apart the amount into multiple things...

For the Trade/Business:

- Ordinary Income, W2 Wages, and Unadjusted Bias

 

For the Rental:

- Rental Income, Unadjusted Bias

 

I get that I do a separate K1 in TurboTax for the Trade vs Rental, but in each case, I'm not sure how to enter the separate numbers that the statement breaks apart..

 

Thanks

0 3 3792
1 Best answer
Expert Alumni
Apr 12, 2020 2:43:33 PM

You can leave the amount for code V empty, as long as you enter the QBI income elsewhere in the code 199A section in TurboTax:

 

 

UBIA refers to unadjusted basis immediately after acquisition. You would only enter that amount if it is referenced by that description on the form K-1 that you received or in the notes attached to it.

 

  

3 Replies
Expert Alumni
Apr 11, 2020 5:23:49 PM

After you enter the K-1s, you will continue until you see the "Wee need some information about your 199A income" Here you can enter all of the information for ONE of the K-1 entries you created for this particular S Corp.

Level 3
Apr 11, 2020 5:29:38 PM

Is it okay that I left the initial box for V empty?

 

Also, is "UNADJUSTED BIAS" the same as UBIA?

Thanks!

Expert Alumni
Apr 12, 2020 2:43:33 PM

You can leave the amount for code V empty, as long as you enter the QBI income elsewhere in the code 199A section in TurboTax:

 

 

UBIA refers to unadjusted basis immediately after acquisition. You would only enter that amount if it is referenced by that description on the form K-1 that you received or in the notes attached to it.