K1 Line 9 and 17

[1966bkr]

what is the significance in TT of the line 9 component listed at (15/0% Section 1231 gain (loss)  what does this mean and what is it used for?

On line 17 we are getting a Code V with an * and it says STMT.  If we go to Statement A...theres really nothing there.  What is "V"?

Thank you in advance

[JulieS]

Line 9 refers to Section 1231 gain or loss. Section 1231 gain is from the sale of a property used in a business and held for move than one year. It is listed separately because the gain is long term and is taxed at lower tax rate than ordinary income, usually either 0% or 15%. 

Line 17, code V is Section 199A information that is used to calculate your Qualified Business Income deduction. If you don't have an attached statement showing the 199A income, wages and unadjusted basis, you should contact the provider of the K-1 and ask for the statement. 

[1966bkr]

Thank you.  That answers my questionon Line 9.  For 17 V - I am the one preparing the taxes via TT Business.  So I can toggle back and forth between personal and business.  Are you saying the only thing that we need to do for 17 V is enter in the respective lines from the Statement A generated by TT Business?  Sorry this just isn't intuitively obvious...thanks INTUIT 🙂

[MinhT1]

Yes. To enter line 17 V of your Schedule K-1, just enter the details from the statement generated by TurboTax Business.