When entering Form 1120S Schedule K-1, no amount is needed for Box 17 Code V. Choosing this code triggers follow-up questions regarding Section 199A. Any amount entered in this section will be ignored.
Instead:
- Continue with the interview until you see "We see you have Section 199A information."
- Check the box that applies (usually the first option).
- On the page "We need some information about your 199A income," be sure to check the first box and enter at least one type of income.
- Check any other boxes that appear on Statement A and enter the related amount.
- Continue to answer the remaining QBI questions.
- Continue back to the K-1 summary page.
@mcontant
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