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Get your taxes done using TurboTax
Entry of qualified business income (QBI) has changed from 2018 to 2019. The 2019 K-1 from your S Corp should have a box 17 code V along with an attached "Section 199A" Statement or STMT.
For the Section 199A information associated with box 17 code V, enter the code V when you enter the K-1 box 17 screen, but you don't need to enter an amount. Continue on, and you'll find the "We need some more information about your 199A income or loss" screen. This screen must be completed with the numbers from your Section 199A Statement or STMT. When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1. The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax for the federal tax return.
To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.
Here are screenshots of the two screens to enter your Section 199A Statement/STMT information:
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