Box 20 is for the 1065 partnership K-1
For the 1120S K-1 it is box 17 codes V - Z https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf
Box 20 is for the 1065 partnership K-1
For the 1120S K-1 it is box 17 codes V - Z https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf
Code V TT asks to pick an energy related topic. My co. is not energy. TT then indicates incomplete K-1
Ah, I see the problem. TurboTax's Schedule K-1 (Form 1120S) form has been updated, but step-by-step mode has not been updated to ask the Other Income questions for code AC instead of code V. Simply skip the pages where TurboTax is asking for code V details.
I skipped those pages and it still does not give me the deduction
Right. As I mentioned in my answer below, the QBI deduction for S corps and partnerships reporting on Schedules K-1 is not yet fully implemented. It's presently only working for sole proprietorships reporting on Schedule C.
OK. If I enter manually do I take the line 1 amount or line 1 minus 179 deduction
STOP ... WAIT for the program to be fully functional. Overrides in the FORMS mode voids the accuracy guarantee and will keep you from efiling. Just be patient.
any QBI info should have been reported in box 20. this needs to be entered in TT . if not present, ask the return preparer since the IRS requires K-1 issuers to report QBI info.
Code V for reporting Section 199A income from a S corp is certainly supported now and can be entered into TurboTax for you personal tax return, but the calculation of a QBI deduction for income from an S corp is not yet supported. I'm not sure, but I don't think that TurboTax Business for preparing the tax return of an S corp has been updated for the new QBI-related codes yet.
Prior to 2018 code V was for Other Information. In 2018 Other Information is reported with code AC.