Business & farm

To correct your K-1 line 17 error and your QBI income information in TurboTax CD/Download you can follow these steps:

1. Within your tax return click on the Federal Taxes tab and Wages & Income then I'll choose what I work on
2. Scroll down to Schedules K-1, Q and click  Update
3. Answer Yes and click Update for S corporations (Form 1120S)
4. Click Edit for the K-1 you need to correct
5. Verify your answers and Continue through the questions until you get to the Enter Box 17 Info screen
6. For the code V line enter the amount in box 17 code V from your K-1 or leave it blank if your form has *STMT in the amount box
7. Verify your answers and Continue until the We need some information about your 199A income
8. Enter the information as it shows on the statement attached to your Schedule K-1 completely
9. Continue until you get to the S Corporation K-1 Summary screen and click Done
10. Proceed entering/reviewing your return.

@rajsekar_63