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

[Paulhhh]

I don't see where you actually answered which number we use. I see a lot of definitions of terms.

Lets try it this way:

My Schedule K1 has 3 numbers in column A

OBI
W-2 wages
Qualified Property

Do i put Qualified Property in your single blank or do i add or subtract the above numbers to get a total?

[Paulhhh]

oh look, never mind one of your competitor sites did a great job of answering the question in simple english:

Line 17V – Section 199A income –Amounts reported in Box 17, Code V is 'Qualified Business Income”

[sftech]

For those that are stuck with:
A K-1 with a Loss

A Box 17 with Code V and STMT

An error message "There is no income on statement A"

The answer!
You need to fill in the information on statement A, which is actually page 6 of your K-1 in TT.

To get there, go to forms mode and select the relevant K-1
Scroll down about halfway to "Section D1"
It's the "Statement A!"

Enter the information from your K-1 Statement A here, and that should get you out of TT error check jail!

Good Luck!

[PatriciaV]

The solution using Forms Mode is available only to those using TurboTax for desktop. When using TurboTax Online, you need to follow the K-1 interview to the questions regarding Section 199A as follows:
 

After entering the info from Schedule K-1, continue to the page Let’s check for uncommon adjustments. Enter any applicable Section 199A Statement amounts. These screens, to the extent applicable to your Section 199A statement, must be completed for your K-1 QBI information to be correctly entered into TurboTax

• If your section 199A Statement has amounts related to the W-2 wages of your business or UBIA of qualified property, an amount must be entered or no QBI deduction will populate on your tax return. If left blank or zero is entered, no deduction is allowed.

@sftech 

[SpikePC]

By far the best answer and the only one that made any sense. I've had this question for years and I have a feeling that after seeing this post, this is the first dime I actually did it correctly!

[lydiamac]

So what is the formula to calculate the number necessary for that section? QBI- w2+qualified property? 

[lydiamac]

You stated:

"For the Section 199A information associated with box 17 code V for a S Corp Schedule K-1, enter the code V when you enter the K-1 box 17 screen, but you don't need to enter an amount."

Tried that, and it shows as an error when doing the final checks. It says a number is required.

[rhinobeach1961]

Best Answer by far. Very detailed. Thank you very much!!!

[mcontant]

The answer given is useless.  It just parrots back what is needed, which are the 3 numbers on your K1 under Code V Statement.  What you need to do in Turbo tax is double click the singe box provided to open the worksheet and enter the 3 numbers with their descriptions there. 

[PatriciaV]

When entering Form 1120S Schedule K-1, no amount is needed for Box 17 Code V. Choosing this code triggers follow-up questions regarding Section 199A. Any amount entered in this section will be ignored.

Instead:

1. Continue with the interview until you see "We see you have Section 199A information."
2. Check the box that applies (usually the first option).
3. On the page "We need some information about your 199A income," be sure to check the first box and enter at least one type of income.
4. Check any other boxes that appear on Statement A and enter the related amount.
5. Continue to answer the remaining QBI questions.
6. Continue back to the K-1 summary page.

@mcontant 

[lailu1983]

how can i calculate  section   v 1     99 A

ordinary income :                          2430.00
Section 179 deduction               16461.00 

wages                                        336.422.00

qualified property:                  76970.00

[PatriciaV]

No calculations are necessary. The supplemental information on Schedule A provided with Schedule K-1 should list the individual Section 199A items using similar descriptions as the page in TurboTax. Enter the amounts from Statement A in the appropriate boxes.

@lailu1983