Schedule K-1 Box 17

Forum|Forum|2 years ago
March 5, 2024
1 reply
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Box 17 on my K-1 has "STMT" for the Code V amount. I found form 1120-S for box 17, Code V (199A Information). On this form, there are 3 different amounts in Column A: Ordinary Business Income, W-2 Wages, and Qualified Property. Which amount do I use? Do I add them all together and use that number?

Mike9241

Level 15

NOPE. As you are entering the K-1 you should get to a section that asks about QBI/199A info that's what each of the 17V amounts is for but Turbotax doesn't use them, It requires reentry in this specific QBI section.

there are 3 items

QBI income/loss

QBI w-2 wages

QBI unadjusted basis of property./ Qualified property

Mike9241

Abandur1

Level 2

Box 17 on my K-1 has two entries. AC and V*. There is no numeric value for V*, just STMT. How do I enter that informationn?

JamesG1

Level 15

The preparer of the Schedule K-1 should provide section 199A information to compute the qualifying business income deduction for the entity income. This statement is commonly called Statement A.

2023 Shareholder’s Instructions for Schedule K-1 Form 1120S page 17 states:

The S corporation will provide the information you need to figure your deduction.

Statement A information is entered at the screen We need some information about your 1099A income.