S-Corp K-1 Box 17 Info Code V "STMT" entries; can't figure out how to enter

[derhawk]

I am the sole owner of an S-Corp that has been in operation for years and continues to be. I mention this to header of the wrong answer to the same question that I noticed in a different posting.

One of my K-1 entries is code V. Instead of an amount, it  just says "STMT." I believe this is referring to its attached "Statement A - QBI Pass-through Entity Reporting." That statement has 2 lines populated, like this:

Ordinary business income (loss) $100

W-2 Wages $101

In Turbotax personal (online), there are several dropdowns for entering box 17 info. For example, there is A - Investment Income, B - Investment Expense, etc., all the way down to ZZ - Other Information. The problem is that none of these dropdown choices for under "Enter Code" on the "Enter Box 17 Info" page is Ordinary business income (loss) or W-2 Wages. How to I enter these?

As an aside, I looked at last year's return. I think I failed to enter these items in prior years. Also, for the version below, there was no option for "Premium," so I chose "I don't know."

[PatriciaV · Accepted solution]

When you check the box for Form 1120S Schedule K-1 Box 17 and enter Code V, do not enter an amount. Instead, continue through the interview to the page "We see you have Section 199A income." The next page will provide check boxes for the income and wages that were reported to you on Statement A. After you enter those amounts, continue forward until you are back at the K-1 Summary page.

[mcmcfaulC08]

I have read all of the advice, but no matter what i put anywhere in  Box 17 Code V amount, in TurboTax home and business, it will not let me complete - I continue to get a  federal error keeps showing up and i'm in a dead end swirl! and can't get out! 🙂  Please help! Thanks, Chris

[derhawk]

Chris, Their advice worked for me. Make sure not to enter any amount for the code V entry box 17. When I did that, then continued through, I eventually landed on a page to enter 199a statement amounts. It is klunky how TT constructed this, but it worked for me.

[JamesG1]

To report IRS form K-1 (1120S)  code V, follow these steps:

• At the screen Enter Box 17 info, you will enter code V Section 199A information.  Enter no dollar value.  Click Continue.
• At the screen We need some information about your 199A income, you will need the following information:
•     Ordinary business income (loss) from this business,
• You may need the following information:
•     W-2 wages for this business, and
•     UBI of qualified property for this business.

Enter these values for the qualified business income deduction to be calculated.

@mcmcfaulC08 

[agwaterservices]

I am in the same error swirl.  No matter what I enter in V or leave it blank I cannot submit.  Help!

[PatriciaV]

The Section 199A questions follow the entries for Schedule K-1 boxes. Continue through the interview to the page "We see you have Section 199A income." Complete this page and those that follow. You aren't finished entering the K-1 until TurboTax takes you back to the list of K-1's in your return.

You'll need to work through these screens that follow the box entries:

1. Other Situations
2. Self-Employed Health Insurance
3. Long-Term Care Insurance
4. We see you have Section 199A income.

@agwaterservices 

@raiderhawk