To enter Schedule K-1 Box 17 Code V, follow these directions.
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Wages & Income.
- Under Wages and income, scroll down to S-corps, Partnerships and Trusts and click Show more to the right.
- Click Start / Revisit or Edit / Add to the right of Schedule K-1.
- At the screen Did you receive any Schedule K-1?, click Yes.
- Click Start / Update to the right of S corporations Form 1120S.
- Enter the K-1 information as requested.
- At the screen Enter Box 17 Info, select V-Section 199A information. Leave Amount empty. This tells the software that Section 199A information will need to be entered for the income previously reported. Click Continue.
- At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information.
- At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1. You may need to click XXX has business income (loss).
- In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property. Click Continue.
- The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.
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