ThomasM125
Expert Alumni

Business & farm

Code V in box 17 is for your section 199A income. If you have income reported on your K-1 form (lines 1 to 3), you need to determine if that income is qualified small business income (QBI). If so, you will get a deduction for a percentage of it on your tax return.

 

You need to look through your literature to see if there is an amount for section 199A income, or QBI income.  You could remove the box 17 entry, but it may adversely affect your income tax.

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