Schedule K-1 Box 17 Code V

LexieD2020 — Sat, 09 May 2020 22:32:32 GMT

I am trying to enter the information for this box; however, there are three items listed on the attached statement (ordinary income, W-2 wages, unadjusted basis) and I don't know what value is appropriate to enter. I have also been provided in the statement IRC SEC. 163(J) adjusted taxable income calculation which has values.

Re: Schedule K-1 Box 17 Code V

DavidS127 — Tue, 12 May 2020 20:48:23 GMT

Enter the code V on the box 17 screen, but leave the amount box blank. Then, Continue through the K-1 interview after you have entered your code V on the box 17 screen. Later in the interview questions is a screen titled "We need some more information about your 199A income or loss". This screen must be completed with the box 17 code V Section 199A Statement or STMT that came with your K-1, in order for your QBI deduction to be calculated.

When you check the boxes next to the lines on that screen you need (the descriptions that match your three items), a place will open up to enter your amounts.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

Here is a screenshot of the screen to enter your Section 199A Statement/STMT information:

topic Schedule K-1 Box 17 Code V in Get your taxes done using TurboTax

Schedule K-1 Box 17 Code V

Re: Schedule K-1 Box 17 Code V