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Level 3
posted Mar 15, 2023 2:09:16 PM

K-1 question, line 17 V

Entering K-1 info on my personal return (using TT Home and Business).

K-1, generated by TT Business, lists on Line 17 V *STMT and when I go to the statement, I have no idea what to put in on my personal return.  Do I put 10,288?

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1 Replies
Level 15
Mar 15, 2023 2:49:14 PM

Code V on Line 17 Schedule K-1 for Form 1120-S reflects Section 199A information, so you can enter the amount and Section 199A.

You may be allowed a deduction of up to 20% of your Qualified Business Income (QBI), plus 20% of certain real estate investment trust dividends, known as Section 199A dividends.   

You can see whether you're qualified for the deduction depends on factors described in Code V, Section 199A information in the Shareholder's Instructions for Schedule K-1 (Form 1120-S).