It depends. You do need to edit your K1 through the income section. You need to provide details about your Code V transaction. To provide the details, you need to look at your disclosure statement that came with your K1. Here's how to edit.
- Log into Turbo Tax if using Turbo Tax Online
- Go to federal>wages and income>S-corps, Partnerships, and Trusts>show more
- Schedule K1>revisit
- Select update next to S corporations (Form 1120S)
- Select edit next to the K1
- Scroll to where you entered the Box 17 information. Leave the amount blank. press continue.
- Select that your investment is at risk.
- The next few screens will ask you specific information about your 199A income. All this information should be on the disclosure statement that came with your K-1. This information you must enter in your return to claim QBI.
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