Section 199A box 17 code v

[awnieammar]

I have a S corporation K1 and in box 17 it says stmt

ordinary income 42228

medical expences paid for shareholders 27709

w-2 wages 442594 

unadjusted basis 342882 

so what number is reported where?

Thank you

[siwein]

I have the same issue for medical expenses paid for shareholders. How is this to be reported?

[DavidS127]

Continue through the K-1 interview after you have entered your value for box 17 code V.  There are screens after the box 17 code V entry that you must complete. 

The "medical expenses paid for shareholder" should be for health insurance was paid by you or by the S Corp for you and added to your W-2 income, and is used for your self-employment health insurance deduction.  On the screen "Other Situations" select the box "I personally paid for health insurance...." and on the next page enter the Statement A amount for health insurance in the box.  If any medical expense amount was for long term care insurance, the next screen is for that.

Next, there is a screen titled "We need some more information about your 199A income or loss".  This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.  You'll see boxes to click for the Ordinary Income, the W-2 wages, and the unadjusted basis (UBIA of qualified property).

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to enter your K-1 or find the K-1 you need to edit.

[siwein]

Thank you. The amount for medical expenses paid for shareholder is also reflected in Box 12, Code S. After I input this amount in the Box 12 screen, the next screen asks for details of the Code S entry. Do I need to include this same amount under "Other Miscellaneous Itemized Deductions" (or elsewhere on this screen)?

[DavidS127]

You should put the K-1 box 12 code S health insurance payments in the box at the bottom "Other Description Enter Below".  Just type in the description and enter the amount.

The box 17 code V entry for health insurance is what "drives" the deduction to your Form 1040, Schedule 1, line 16.

[stulia]

Hi! I'm having trouble understanding where the "MEDICAL EXPENSES PAID FOR SHAREHOLDER" line needs to be added under the "We need some information about your 199A income" in Turbotax. The instructions above make sense, but it's not clear if I'm supposed to add this amount to this screen or not. Can someone help please? Than you!