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Box 17 Q199A Items - Statement with multiple entires. Not sure how to enter

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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1 Best answer

Accepted Solutions
DawnC
Employee Tax Expert

Box 17 Q199A Items - Statement with multiple entires. Not sure how to enter

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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1 Reply
DawnC
Employee Tax Expert

Box 17 Q199A Items - Statement with multiple entires. Not sure how to enter

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.  

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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