Line 17 on K-1 has AC* and STMT in box. What do I do with that, it says see shareholders information. Where do I find that. Thanks

[runningdeer43]

What about the next line up - V?  

[runningdeer43]

I have a similar problem with K-1 Line 17 with the "V" entry.  I have the required data but when I enter it using the right click to open a supplemental listing the Program marks it as an error.  Should I just override the error?

[KneadingMoney]

Wendy,

I have exactly the same Q as Joshes19.

I am entering information for the 2020 return (not 2019).

In Code AC details I am given shareholder amts for 3 years (2017, 18, & 19) for gross receipts. 

What "amount" do I enter????

This is my 2020 return, and no 2020 amount is given.

[DaveF1006]

According to the instructions for filling out form 8990 listed here, the amount that would go into this box is the the average of the prior three years annual Gross Receipts. To determine the entry, it states you must.

1. Add the gross receipts for the 3 prior tax years, and

2. Dividing the total by 3.

[KneadingMoney]

Perfect answer contained in that link.

True it really doesn't matter, but it is the average of the past 3 years.

Confusing for me as one K1 only has 2 years history, the other 3 years. 

Add all the gross receipts, divide by 3 (or 2).  

KW

[media604]

Thanks that was so helpful!

Now I can't find what goes into Line 17, Code V, Section 199A

I have a page from my 1120-S that says Schedule K-1, Box 17, Code V, Shareholders section 199A Information...

it just shows a ordinary business income loss of -462 and an amount by W-2 wage. What if anything should I put in the Code V box? 

[AliciaP1]

You should have a  "Statement A - QBI Pass-through Entity Reporting" attached with your K-1.  The amount listed on this statement under "Ordinary business inc (loss)" is the amount you enter for line 17 code V.

[ESS_Sally]

The note that states this business is not subject to the interest expense limitation does not need to be entered anywhere?

[AliciaP1]

No, that is more pertinent to the business filing itself, but you are not required to report anything in regards to that note on your personal return,

@ESS_Sally

[thurdday]

This doesn't answer the question. The statement has 3 different numbers:

Ordinary business income $1.00

W-2 wages $ 1.00

Qualified property $1.00

Now which amount goes for which code?

I have 2 codes V and AC

[AliciaP1]

You've posted on an old thread, but I'm assuming you're trying to determine how to enter your Form 1120S Schedule K-1 when codes V and AC are listed with blank amounts or *STMT* in box 17.  You should mark that you have information in box 17 and list the codes on 2 separate lines.  Leave the amount for Code V blank but Code AC should have an amount on your K-1.  If it does not, enter 0 for Code AC. 

Code V in box 17 relates to the statement information you have shown above and once you progress through entering the K-1, TurboTax will have a screen We see you have Section 199A income and this is where it starts to walk you through entering the information on the statement you show in your post.

@thurdday 

[RcJetpilotFL]

OK I am having the same issue.. Expect teh pull down for line 17 doesnt have AC as an option only  A though F

[AbrahamT]

If there is no information recorded for AC then just ignore it. A figure for AC would represent other items of information not found elsewhere on the k-1, so if there are no items contained in this box, I would just ignore it. If there are items inserted in this box, however, the taxpayer should receive instructions needed to adress the items contained in the box.