This is how to fix the "Box 17 Code V" error in TurboTax (relating to S-Corp K-1s), you must enter the accompanying Section 199A income/wage data from your statement into the "We need some information about your 199A income" screen.
- Locate the Statement: Find the supporting statement for your K-1, Box 17, Code V.
- Enter Details: When in the K-1 entry screen, enter the code V, but leave the dollar amount blank. Putting 0 in this box will often cause an error.
- Navigate to Section 199A: Proceed through the interview until you reach a page titled "We need some information about your 199A income or loss".
- Fill in Data: Input the specific income, W-2 wages, and UBIA (Unadjusted Basis Immediately After acquisition) amounts from your statement.
- You may find this information on your K1: Statement A-QBI pass-through entity reporting. Under QBI or qualified PTP items subject to shareholder-specific determinations:
- Alternatively, If you have no income to report, you may need to delete the codeV.
- 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.
