Schedule K-1

[mjr4711]

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.

[MinhT1 · Accepted solution]

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.