TurboTax wants to compute the Section 199A Income deduction. Follow these steps.
- Continue through the K-1 For 1120S entry screens.
- At the screen Enter Box 17 Info, select V-Section 199A information. Leave Amount empty. This tells the software that Section 199A information will need to be entered for the income previously reported. Click Continue.
- At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information.
- At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1. You may need to click XXX has business income (loss).
- In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property. Click Continue.
- The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.
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