You would enter the profit and loss amount that is listed on your K-1 worksheet. It should be less than or equal to the income reported on line 1, 2, or 3 on your K-1 schedule. It also needs to be the same sign, so if line 1 is a negative number, then you should enter a negative number on line 17.
The way it works is you report income or loss on lines 1 to 3 and then on line 17 you enter how much of that income or loss is considered qualified business income (QBI), as you can get a deduction for that on your tax return.
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