Business & farm

If your S Corp is a QBI business, your K-1 will have a code V for box 17 on the K-1, and a Statement or STMT reporting Section 199A information.  If this is your situation, you may need to amend your tax return to report the correct QBI information for your S Corp.  Do not make any changes in the TurboTax file you used to file your tax return until instructed to do so in the TurboTax amendment routine.  Click this link for instructions on how to file an amended return with TurboTax.

Once you are ready to make changes, go to the K-1 section and edit the K-1 for your S Corp to enter your box 17 code V information properly.  On that box 17 page, enter the code V, but you don't necessarily need to enter an amount. Continue through the K-1 interview after you have entered your code V for box 17.  There is a screen near the end of the interview titled "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.  After that screen there is another Let's check for some uncommon adjustments" screen that may or may not be required.

Here are screenshots of the screens you are looking for: