K1 Box 17 V * STMT

[TheSeal]

I prepared my 1120S using Turbo Tax Business. The K1 it produced has V* STMT in Box 17. In my personal return using Turbo Tax Deluxe, I can select V for Box 17, then it wants a number. My guess is it is a number from the next form in the business return titled "Statement A - QBI Pass through Entity Reporting".  There are only three numbers on that form  Ordinary Business Income, W-2 Wages, and UBIA of qualified property. What do I put in my individual return?

[mini 11]

I was going to ask the same question. I guess it should be the number from ordinary income. Ordinary business income should be qualified for qualified business income, QBI deduction. 

I hope someone can clarify this for us. Thank you!

[Irene2805]

To enter the S-Corp K-1 with 199A information, please follow these steps:

1. When you are entering information from your K-1, on the screen, Check Boxes That Have an Amount, be sure you mark Box 17.
2. On the screen, Enter Box 17 info select code V, but leave the amount box blank.  Click Continue.
3. On the screen. We need some information about your 199A income or loss, mark the boxes that apply.  In your case:  Ordinary business income; W-2 wages; and Has UBIA of qualified property.
4. Each time you mark an item, a box will appear to enter the value for that item.  Enter the value from your K-1.
5. Continue through the rest of the screens.

[TheSeal]

Perfect!  Thank you!!

[gfishler]

Had the same problem arising from QBI -k-1 had V* code and "Stmt" instead of amount:  followed the instruction as above, everything fine till I ran the check on my federal return, this check continues to fail because of 0 in the amount next to V code.  Thanks

[DavidS127]

It is very important to Continue through the K-1 interview after you have entered your value for box 17 code V.  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.

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.

[gfishler]

I did everything according to instructions (on "more information screen" I have selected UBIA and the amount and still my federal check finds 1 error on this line.   also tried to re-enter new K-1 and deleting the new one -same result

[ranjoh]

I am having the same issue, entered nothing in the amount box for 17V, entered W wages and UBIA amounts. Federal review still shows errors on 17 V 199a information.

[DavidS127]

More information could help diagnose your issue.  For example, what information was entered from your "code V statement" and what is the error message you get after entering your Section 199A information?

@gfishler

@ranjoh

[PJAW55]

I had the same problem (see below) but figured out where I was going wrong...

When entering the multiple box 17v entries, TT generates the Statement A section of the K-1. This requires re-entry of your business income (loss), section 179 deductions, etc. In other words, you have to re-enter some or all of the entries you previously entered for the K-1 into the section 199A QBI worksheet. I did this and the errors went away, AND I got an additional deduction.

Same problem. Entered box 17v amount O, then provided values for W-2 wages and unadjusted basis. Review came up with 2 errors (2 k-1s). Deleted all K-1 forms and tried again. Same errors. Tried entering code Y for QBI unadjusted basis, didn't work. Tried entering two separate code V entries, didn't work.

This is the last think I need to fix before filing. Has anyone found the solution??

[DianeC958]

For Box 17 you just enter Code V you do not put a 0 or any other amount.  Then when the program asks about the amount for Ordinary Business Income/Loss, W-2 wages and the other items on the Statement about QBI then you enter on the information that has a number greater than 1.  

Putting 0 into the program for boxes on a K-1 will often cause an error to occur.

[davetpet]

I'm having the same issue
k1 - box 17 v * STMT
leave blank
asks for what boxes, in my case W2 wages and UBIA are checked
I enter both
all is OK until Smart Check which complains about empty box 17.  Worksheet has empty box 17, but information is in QBI worksheet.

HELP.... I'd actually like to file and this is preventing it.

[DavidS127]

The box 17 code V STMT will typically report some income or loss from that S Corporation, that correlates with the income or loss reported on that K-1 (e.g., box 1 ordinary business income).  So, in addition to the W-2 wages and UBIA, I would expect to also see an amount for business or rental or other type of income/loss on that STMT.  When that Section 199A income/loss amount is entered on the "We need some more information about your 199A income or loss" screen, you error should go away.

@davetpet

[davetpet]

I'm not sure if you didn't read the question, or we are missing each other somewhere.   I've entered values for both of the last two boxes on that list checked, and have entered values for them.   I still get the error.

so either you didn't understand that I had checked those and had entered the values, or I don't understand what you are asking because it sounds to me like your telling me "you expect more info and it should be entered" into the very place I had data and entered it.

something isn't taking the values I entered and updating the box V with the correct calculated values

[PJAW55]

My problem was that the K-1 that my CPA provided had two "code V" values.  What worked for me was:

1. Left box V empty on K-1 entry.

2. After I had answered the K-1 related questions, the program moved to a second worksheet to calculate QBI. At first, I entered just the code V values, which doesn't work. What I didn't understand was that I had to enter all the K-1 data again for this worksheet, which means checking the boxes that match your particular K-1 entries. If you look at the Form image of Schedule A it will make sense. Schedule A does the QBI calculation that results in a deduction on your 1040.  Turbo Tax doesn't copy over the K-1 entries from the K-1 worksheet to Schedule A, so you must re-enter.

I hope this works for you!