K1 Box 17 V * STMT

Forum|Forum|6 years ago
February 13, 2020
7 replies
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I prepared my 1120S using Turbo Tax Business. The K1 it produced has V* STMT in Box 17. In my personal return using Turbo Tax Deluxe, I can select V for Box 17, then it wants a number. My guess is it is a number from the next form in the business return titled "Statement A - QBI Pass through Entity Reporting". There are only three numbers on that form Ordinary Business Income, W-2 Wages, and UBIA of qualified property. What do I put in my individual return?

mini 11

Level 4

I was going to ask the same question. I guess it should be the number from ordinary income. Ordinary business income should be qualified for qualified business income, QBI deduction.

I hope someone can clarify this for us. Thank you!

Irene2805

Level 15

To enter the S-Corp K-1 with 199A information, please follow these steps:

When you are entering information from your K-1, on the screen, Check Boxes That Have an Amount, be sure you mark Box 17.
On the screen, Enter Box 17 info select code V, but leave the amount box blank. Click Continue.
On the screen. We need some information about your 199A income or loss, mark the boxes that apply. In your case: Ordinary business income; W-2 wages; and Has UBIA of qualified property.
Each time you mark an item, a box will appear to enter the value for that item. Enter the value from your K-1.
Continue through the rest of the screens.

TheSealAuthor

Level 2

Perfect! Thank you!!

aenochs

Level 2

If you have multiple items on your Statement A for Code V in Box 17 of your K-1 (S-Corp), you will need to enter each item separately on the Screen on TurboTax for Box 17. For example, if Statement A for Code V on your K-1 has an amount for Ordinary Business Income ($1,000), and W2 Wages ($15,000), and UBIA qualified property ($50,000). Box 17 in TurboTax will be:
V - Section 199a information $1,000

V - Section 199a information $15,000

V - Section 199a information $50,000
*** enter negative amounts with (-) sign in front of amount.

On the screen: We need some information about your 199a income or loss, select each item reported on and enter the amounts associated with each as reported on Statement A for Code V.

bkenk

Level 2

So, to avoid having this error or to correct it when you do, continue thru the screens until you get to a screen that says

We need some more information about your 199A income or loss". This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.

Check the first box for business income and enter the ordinary income found in Box 1 of the K1 in the box that opens. This will resolve the issue. You can then check any more boxes on this screen that need to be checked if any.

eneks

Level 2

I have problem populating box 17 V 199A info from my s Corp K1 it just doesn’t recognize code V and doesn’t guide me enter 199A

Please help Alex

Larry Wayne

Level 2

Were do I find the Statement A for 2022 related to K-1(Form1120S) Shareholder's shre of Income Credits, Deductions, etc. to enter income needed to complete answer for 17V. There is line 17V which has a QuickZoom to enter Code V Section 199A information, but it does not open when I click on QuickZoom bar. How do I open the Quick Zoom?

HopeS

Level 8

Please follow these steps to enter your K-1. You may want to delete the K-1 and start over with these steps:

Sign in to your TurboTax account and continue to your return
In the search bar, enter Schedule K-1, then select the Jump-to link in the search results
- If the Jump to link doesn’t work, select the Federal tab, then Wages & Income (Income & Expenses for TurboTax Self-employed)
- Under S-corps, Partnerships, and Trusts, select Revisit or Start next to Schedule K-1
Answer Yes to the questions Did you receive any Schedules K-1 or Q?
On the Tell Us about your schedules K-1 screen, select Update if you're adding info to a K-1 you've already entered, or if you need to add another K-1 to an existing entity type
Continue through the interview until you get to the screen, Checkboxes that have an amount for Trusts or are checked on the form
Check the appropriate box for your form and select Continue
On the next screen, enter the code (Z, V, or I) and amount from your K-1
Continue answering the interview questions until you get to the screen, We see you have Section 199A income. Select the source of ‌income and Continue.
Check any applicable boxes on the screen, We need some information about your 199A income.
Only enter amounts from your Section 199A Statement, not any of the other boxes on the K-1 form. When you check the box next to a line, an additional box will open where you can enter the amount from your Section 199A Statement for that line.
Select Continue, and you’ll see the screen, Let’s check for uncommon adjustments. Enter a value(s) on Statement A that need to be changed and/or any business income received from a specified agricultural or horticulture cooperative on Statement C.