Here is the correct procedure in reporting a K1 Box 17 Code V:
Here is the order that should appear in your return in Box 17
- If there is a V, select V in the drop down and leave the $ blank.
- Next screen asks about the risk. indicate you are at risk
- Then there will be a screen that appears that says, We see that you have 199A income.Here you have three choices to make. pick one that is applicable to you.
- This screen will say "we need more information about your 199A income. Check your statements to see what kind of income it is. Once you find out, there are several choices for you to select on this screen. When you make one or more selections, there will be a drop-down box for you to enter the dollar amounts.
Don't try to enter this in the forms itself. Enter this in the step by step interview mode. Just remember, you need the information from the supplemental statements that you received in your K1 to enter the Box 20 code V information
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