First year with SCORP, have my SCORP taxes done, I have my schedule k-1 from my business and inputting it into my personal income and I have Box 17 V* stmt on my SCORP return, so how do I input the value into Personal income for V - Section 199A information, on my Statement A - QBI Pass-through Entity Reporting Schedule K-1 Line 17 code V have 'Section 199A Dividends' and no value, I have 1 line no for my company. I cannot put a zero or blank in Box 17 'V-Section 199A information' how do I figure out what value I should use?
You should enter all numbers in Statement A in TurboTax so that TurboTax can calculate your QBID (qualified Business Income deduction).
When entering your Schedule K-1, follow the TurboTax interview until you arrive at a page titled We need some information about your 199A income (see screenshot).
On that page, put a checkmark on the item you wish to enter and a box will appear so you can enter the item.
I do not have that question when walking through, it as soon as I put Box V in the list I cannot put a value in because I do not have one, the next screen says ' S corporation Basis) and asks for stock block, what should I put here?
And for stock block since this is the first time I put 'stock block' value 1 and click next. Is that correct?
now I get..
'We see you have section 199A income'
and I have to pick.
'the income comes for the scorp that generated this k-1'
that would be correct?
now I have question about 'Does mySCORP receive income from specified services?'
gives me choices Yes/nNO
Yes, MySCORP receives significant income for services requiring skill unique to one of the above fields.
the question is I am an IT Consultant in my SCORP, is that under 'Consulting' or should I select NO?