1286239
I received a S-Corp K-1 with Code V in Box 17. In the amount column, it says :"STMT" Attached to the K-1 is a statement that includes the following (rounded):
Ordinary Income $5000
W-2 Wages $40,000
Unadjusted Basis $1500
Do I enter the sum of these three items ($46500) using Code V or do I need to show them separately somehow? I've seen explanations that say that Code W is for Wages and Code X is for Unadjusted Basis but my K-1 lists these three items on the Code V statement with no reference to the W and X codes and Turbotax just has "Reserved" next to these other codes in the dropdown..
Thanks, Bill
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When you are entering the K-1, you can enter total the amount on one line item with the code V. The next few questions will allow you to break down the details into the 3 line items. You will come to a question where you will indicate that the section 199A income comes from this S-corp. The next page will allow you to enter the amounts individually. Your screen should look like the image below.
When you are entering the K-1, you can enter total the amount on one line item with the code V. The next few questions will allow you to break down the details into the 3 line items. You will come to a question where you will indicate that the section 199A income comes from this S-corp. The next page will allow you to enter the amounts individually. Your screen should look like the image below.
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