K-1

[KSG13]

I have a K-1 1120-S and in Part III-1I have a number and 17 has a V and an AC. Beside them they say statement.  The Code AC page has a 8990 for 2022, 2021, and 2020 and corresponding shareholder amounts.  What do I do with that?  And 17 V has my profession in the first Column A, Ordinary business income column A has an amount and w-2 wages also has an amount.  Where do I put these in the form, please?

Thank you.

[Mike9241]

17V is for the Qualified Business Income Deduction/IRC 199A. 17V  can be up to 3 separate items

1) business net income

2) w-2 wages

3) Unadjusted basis of assets immediately after acquisition 

enter the ones you have

that will allow Tubotax to ask further questions about your QBI/199A info later on as you go through the k-1 entries.

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Code AC. Gross receipts for section 448(c). Use the gross receipts amount to figure the business interest expense you can deduct, if applicable. See section 163(j) and the Instructions for Form 8990 for details.

Turbotax does not do form 8990.

https://www.irs.gov/forms-pubs/about-form-8990