Solved: Re: K1 Box 17 V * STMT - Page 2
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Expert Alumni

K1 Box 17 V * STMT

The main thing you need to enter for box 17(v) is your qualified business income (QBI). Normally, it is the same as the income listed on box 1, 2 or 3 of your form 1065 K-1 schedule, but it can vary. 

 

You need to look on the statements attached to your K-1 schedule to find the QBI amount if it is not listed directly on your K-1 schedule in box 17(v).

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New Member

K1 Box 17 V * STMT

Hi I have followed all the instructions as you indicate; however, the system does not let me e-file.  In my case, the reason why there was an amount in box 17 was due to a theft of a business income generating item; which is already deducted in Box 10 (code B) ; however googling*stmt"; it seems it means "see statement below; which is the same amount in Box 10.  I tried repeating the same amount I put in Box 10 (negative 257 , for one of the schedule K, and a similar amount for the other schedule K).  I also tried unchecking box 17; leaving it blank, etc but none of it works.  Please be aware I used Business Turbo Tax to prepare my 1120S for my S Corp, and I have windows7; not sure if that has anything to do with the error messages.  Please help.

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Expert Alumni

K1 Box 17 V * STMT

You can leave the box 17 amount blank, just enter your code V.  Continue on, and when you get to the  "We need some more information about your 199A income or loss" screen, make the selection for [Name of business] has other income (loss).  Enter your -257 in the first of the two boxes that appear, and if it was reported by the business on Form 4797 make the same entry in the second box.  Your QBI deduction will then calculate correctly.

 

Here is a screenshot of the screen you look for:

[Edited 03/24/2020|7:51am PST]

@pdiaztorres 

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New Member

K1 Box 17 V * STMT

When should that follow-up screen "We need some information about your 199A...……" appear?  I chose code V, left the entry blank and clicked continue.  It is now asking me about Health Insurance premiums.  Did it fail to load the correct interview question?

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New Member

K1 Box 17 V * STMT

Thanks for the helpful answer.  Perhaps the program interview could just explain that if your line 17v says "stmt", to choose code v, leave number blank and continue?  That would save a lot of unnecessary panicking and support calls.

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New Member

K1 Box 17 V * STMT

I can NOT enter anything when it comes to entering "QBI or or qualified PTP........", section Ordinary business income.

The box is grayed out, I cannot type anything and the mouse does not do anything

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Returning Member

K1 Box 17 V * STMT

If you have multiple items on your Statement A for Code V in Box 17 of your K-1 (S-Corp), you will need to enter each item separately on the Screen on TurboTax for Box 17. For example, if Statement A for Code V on your K-1 has an amount for Ordinary Business Income ($1,000), and W2 Wages ($15,000), and UBIA qualified property ($50,000). Box 17 in TurboTax will be:
V - Section 199a information     $1,000 

V - Section 199a information     $15,000

V - Section 199a information     $50,000
*** enter negative amounts with (-) sign in front of amount.

On the screen: We need some information about your 199a income or loss, select each item reported on and enter the amounts associated with each as reported on Statement A for Code V.

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New Member

K1 Box 17 V * STMT

Thank you.  This was very useful.  May want to add that UBIA means "unadjusted basis ...".  In any event thank you for the help.

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New Member

K1 Box 17 V * STMT

So, to avoid having this error or to correct it when you do, continue thru the screens until you get to a screen that says 

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.

 

Check the first box for business income and enter the ordinary income found in Box 1 of the K1 in the box that opens.  This will resolve the issue.  You can then check any more boxes on this screen that need to be checked if any.

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Level 1

K1 Box 17 V * STMT

Thank you!  Following your instructions and entering all data resulted in no errors and saved me $3,000! Scott

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