My Schedule K-1 Box 17 Code V shows "STMT." On the accompanying statement for Code V, there are four entries and corresponding amounts:
1) ordinary income (loss);
2) Section 179 deduction;
3) W-2 wages; and
4) unadjusted basis.
The Box 17 info in TurboTax for Code V shows "Section 199A information." Which of the four amounts listed above do I enter into the Code V box? Thank you.
You should enter all four numbers in TurboTax so that TurboTax can calculate your QBID (qualified Business Income deduction).
When entering your Schedule K-1, follow the TurboTax interview until you arrive at a page titled We need some information about your 199A income (see screenshot).
On that page, put a checkmark on the item you wish to enter and a box will appear so you can enter the item.
You should enter all four numbers in TurboTax so that TurboTax can calculate your QBID (qualified Business Income deduction).
When entering your Schedule K-1, follow the TurboTax interview until you arrive at a page titled We need some information about your 199A income (see screenshot).
On that page, put a checkmark on the item you wish to enter and a box will appear so you can enter the item.