K-1 199A

[SuperAcct]

If your Schedule K-1 you received has a Box 17 with code V selected, you should also have a statement.  Mine actually says  *STMT in the K-1 Box 17V.  Below there is a * that says *see attached statement for additional information.  My understanding is you should have a statement called Statement A with your K-1 for Box 17V. 

It can look like this below.  Then in Turbotax in the interview section after you get to the box that says Enter Box 17 info, I will say that Turbotax did not allow me to enter the word STMT so I had to just put in the income from box 1, not sure why Turbo is not set up for text, not sure if what I did is correct but it did not seem to affect the information flowing into my tax return since I later entered information from Statement A.  After filling in Box 17V on Turbotax, you will then click Continue and go thru several boxes depending on your answers until you get to the section that says:  We need some information  about your 199A income or loss.

This is the section where you fill in the information you will find on your Statement A. 

I am using Turbo Home and Business but it should be the same in other versions. 

Hope this helps. 

[AlvinS]

That fixed it. Thanks.

[3jel]

Turbo tax is asking for a number in box 17 V* but this box has STMT not a number this is my K-1 form 1120s

[3jel]

Just trying to enter a number in turbo tax

[3jel]

Yes this is the 1120-S

[ThomasM125]

Code V in box 17 is for your section 199A income. If you have income reported on your K-1 form (lines 1 to 3), you need to determine if that income is qualified small business income (QBI). If so, you will get a deduction for a percentage of it on your tax return.

You need to look through your literature to see if there is an amount for section 199A income, or QBI income.  You could remove the box 17 entry, but it may adversely affect your income tax.

[whydoineedausername123]

"SuperAcct"'s post seems to do the trick, thanks. A little more detail for others...

Look on your K-1 for a page called "Statement A--QBI Pass-through Entity Reporting".  It's completely not obvious where to get the info for line 17, but just use the number from the "QBI or qualified PTP items subjuect to shareholder-specific determinations " section then "Ordinary business income (loss)" on this statement.  Then, later on you'll be ask for more info about 199A.  Then you'll check off the areas on from this statement page that have amounts (e.g. "QBI or qualified PTP items subjuect to shareholder-specific determinations - Ordinary business income (loss)", "W-2 wages", etc..)

[Adelawu]

Hello ,every one .same as me , I can't fill my tax return 1040 now. The line17 in the schedule K1 shows code V section 199 A ( K1 1120S  line 17 is v stmt .)the item in my statement A has ordinary business income $64785, section 179 deduction $20312, W2 $24000, UbIA of qualified property is $51370. I tried all math amount, but all are wrong. Please some one can tell me what number should I fill in? Thanks

[Adelawu]

Excuse me , so how can we do? Thanks

[NoahCountAnt]

Ther K-1 Schedule Box 17 says "See Statement". The statement says Section 199A items, Box 17, Code V.

It lists:

Ordinary Income: 3

W-2 Wages: 8

Unadjusted Basis: 12

I have no idea how to record this since there is space for only one number.

Also, I can't determine my "At Risk" state. I am an assembly worker doing 40 hrs a week, period.

I bought Turbotax Premier to do this section, and it is not going well.

[JamesG1]

@Adelawu

Your S corporation 1120S income may qualify for the Qualified Business Income Deduction.  See this TurboTax Help.  Follow these directions to report 199A income from your S corporation 1120S K-1. 

• At the screen Enter Box 17 info, you likely need to select V Section 199A information.  I have seen comments that the Amount does not have to be entered but I enter the Box 1 number if a value is not provided.
• Click Continue.

At the screen We need some information about your 199A income, you will likely need to enter the following information: 

• Ordinary business income (loss) from this business,
• Section 179 deductions,
• W-2 wages for this business, and
• UBI of qualified property for this business.

Enter these values for the Qualified Business Income Deduction to be calculated.

[Adelawu]

Thank you very much

[NICAAC]

I encountered almost the same issue. On checking Federal review Turbotax asks to put a number in box 17 (with V code) in K1. It should allow entry of "STMT", but only allows a number which should be QBI. This issue was not encountered in previous years. Turbotax should fix it.

[PatriciaV]

Did you continue to the end of the interview for this Schedule K-1? The Section 199A QBI questions appear after you complete the box entries. This is where you enter the QBI information provided with the K-1. 

You may wish to return to this section and work through all questions until you arrive back on the page "S Corporation K-1 Summary." When you run SmartCheck again, the form error should be resolved.

@NICAAC