How to calculate section 199A items for box 17, code V?

[sykong]

I did enter amount in 199A line17but the box for V still pink and I still cannot transmit my taxes.

[Irene2805]

Were you issued separate K-1s for each property?  If so, they should be entered separately in TurboTax,  If you only have the one K-1, you can combine the values as JamesG1 states above.

Line 17 of the K-1 for an S-Corp deals with income for the 199A (Qualified Business Income) deduction.  To enter this information, please follow these steps:

1. When entering the K-1, on the screen, Check Boxes that have an Amount, be sure to check Box 17.
2. On the screen, Enter Box 17 Info, select  Code V but do not enter a number in the box,
3. On the screen, We see you have Section 199A income, mark the appropriate radio button and click Continue.  
4. On the next screen, We need some information about your 199A income, mark the appropriate boxes and enter the information in the fields that appear.  This information should appear in the STMT attached to your K-1.]   [See Screenshot below]

@sykong

[ravila53]

My K-1 Box 17 has code V : STMT.  The only amount on that statement is -171 for qualified property. I've entered both 0 and -171 in the box and also when it asked for more information, I entered -171.  It is not working. What numbers do I need to enter.

[dthurow1]

Excellent answer of what code V consists of but where do you put the numbers into TT?

[kksea]

do i enter the sum of 199a statement in box 17 code v?  i have four items from the statement, not sure which amount to enter here?

[JamesG1]

At the screen Enter Box 17 Info, enter the drop-down 'V-Section 199A Information'.  No amount need be entered.

On your 199A statement, I suspect that you have income, W-2 wages and UBIA.  What is the fourth amount?  Do you find it listed at the screen We need some information about your 199A income?

• At the screen Enter Box 17 Info, select V-Section 199A information.  Leave Amount empty.  Click Continue.  This tells the software that Section 199A information will need to be entered for the income previously reported.
• At the screen We see you have Section 199A income, select the appropriate income description.  Click How would I know this? for more information.  Click Continue.
• 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.  In many cases, you will also select and enter values for W-2 wages and UBIA of qualified property.  Click Continue.

@kksea

[Pathos1978]

So my schedule K-1 section 199A, box 17, Code V lists: Ordinary Income (loss): 48,950, W-2 Wages: 1,300,087, and Unadjusted basis: 1,400. Do I add these three values together and list the sum as a single amount for code V, or do I select three separate code V drop downs and list them separately?

[FangxiaL]

You do not add these three values together and list the sum as a single amount for code V. Follow the instructions provided by @JamesG1 will take you to the screen for you to enter the three values separately.

@Pathos1978

[USER987456]

My page 4 section 17 doesn't have a V code option? Trying to put in 199A information...

[AliciaP1]

Line 17 is correct for a K-1 from an S-Corp (Form 1120S).  If you are reporting a K-1 from a partnership (Form 1065) the information is on line 20.

@USER987456

[USER987456]

How do i select code v on line 17 of the 1120s

[DaveF1006]

 Yes, here is how you will report code V on line 17 on the 1120S form:

1. There is information required in this section that is enclosed in a supplementary statement that came with your K1.
2. When you enter your K-1 into your return, you will select Box 17as a box that has information in it.
3. After entering the information that is on the form, you will eventually be given the opportunity to work on Box 17, there will be a drop-down in the Box. Here you will select Code V,, section 199 information. Leave the amount blank as Turbo Tax will fill that information in for you. Press continue at the bottom.
4. The next few screens will ask for answers that you will provide to the program that is on that supplementary statement.

@USER987456

[hwsjr]

What number does TT want to fill in for Section 199A for Box17 code V??   My K-1 Section 199A worksheet has 2 numbers-  profit or loss and wages.  I tried both of those as well as zero and TT would not accept and now has my return hostage until I can figure this out>

Thanks

Howard

[hwsjr]

for Section 199A on my personal 1040,  I entered the amt for  business profit/loss and wages.  I have no number on the 199A Statement worksheet for UBIA.

[ThomasM125]

You would enter the profit and loss amount that is listed on your K-1 worksheet. It should be less than or equal to the income reported on line 1, 2, or 3 on your K-1 schedule. It also needs to be the same sign, so if line 1 is a negative number, then you should enter a negative number on line 17.

The way it works is you report income or loss on lines 1 to 3 and then on line 17 you enter how much of that income or loss is considered qualified business income (QBI), as you can get a deduction for that on your tax return.