Section 199A box 17 code v

Forum|Forum|6 years ago
March 7, 2020
2 replies
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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

Filing Status

siwein

Level 2

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

DavidS127

Level 13

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.

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siwein

Level 2

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

Level 13

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.

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