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its-just-me
Level 3

Where can I find amounts from my K-1 for Box 17 - codes K and V?

Hi. I am hoping to get your help figuring out what fields have the amounts I need to enter into TurboTax Online.  I have tried using Live Chat but to no avail, because the live accountants can't see my business forms.  I need your help!

 

Background

I own 100% of an S Corp and am also an employee of the company.  I use TurboTax for Business (desktop) to do my business taxes. The desktop app auto-generates the business forms shown/mentioned here.

 

TurboTax Online Form

I am now entering data from my K-1 into TurboTax Online but have hit a snag. It is asking me to fill in amounts for Box 17, K and V (see screenshot below).

Enter Box 17 Info.PNG

But when I look at my K-1, it says "STMT" for both of these.  There is no "amount" listed.  Furthermore, the next page in my return also tells me to see the Section 179 Disposition report for code K (see screenshot below).

 

Box 17 Info on K1.PNG

 

Box 17, code K

When I look at the 179 Disposition Report, there are several numbers on it.  I don't know which one to enter into TurboTax Online for Box 17, code K (see screenshot below).

Section 179 Disposition.PNG

 

Box 17, code V

It's a similar story with the 199A worksheet to get the amount for Box 17, V.  There are three values in the worksheet I can choose from.  I don't know which one TurboTax Online wants.  Is it ordinary business income, W-2 Wages, UBIA of qualified property, or Section 199A dividends?

1 Best answer

Accepted Solutions
tagteam
Level 15

Where can I find amounts from my K-1 for Box 17 - codes K and V?


@its-just-me wrote:

Also, a few screens after the one asking me for Box 17 info., I am asked for the details of my 199A income.  Here, I can enter every value from the 199A.  So I'm not sure about the "V" box


That is correct; you enter all the values from your 199A in that screen.

 

Do not enter multiple Code Vs as shown in your screenshot.

View solution in original post

8 Replies
tagteam
Level 15

Where can I find amounts from my K-1 for Box 17 - codes K and V?

Start your TurboTax Business program and enter Forms Mode. You should see Statement A directly below your K-1 in the list of forms (on the left side of the screen). That statement should have all of the information you need for Line 17 with the V code.

 

Your Section 179 deduction (that is now subject to recapture) appears to be $867 for the K code.

its-just-me
Level 3

Where can I find amounts from my K-1 for Box 17 - codes K and V?

Thank you very much tagteam for your response.

 

Unfortunately, Statement A is what I was looking at when trying to figure out what to put for the V code.  There is only a list of items... nothing that says "V" code.  Is it the amount in the "Section 199A Dividends" field?

 

Roger that re: the K code!  Thanks!

tagteam
Level 15

Where can I find amounts from my K-1 for Box 17 - codes K and V?

@its-just-me Your Statement A should have all of the categories with a figure or figures in those categories which you would enter in your personal income tax return.

 

1.png

its-just-me
Level 3

Where can I find amounts from my K-1 for Box 17 - codes K and V?

Thank you so much @tagteam!  That is definitely what I am looking at.  So are you suggesting that I create three entries for V to reflect the three different amounts I have?

 

box 17 info.PNG

tagteam
Level 15

Where can I find amounts from my K-1 for Box 17 - codes K and V?

No, @its-just-me, you just need one entry for the V code and the program will prompt you for the details.

its-just-me
Level 3

Where can I find amounts from my K-1 for Box 17 - codes K and V?

Also, a few screens after the one asking me for Box 17 info., I am asked for the details of my 199A income.  Here, I can enter every value from the 199A.  So I'm not sure about the "V" box

 

199A info.PNG

tagteam
Level 15

Where can I find amounts from my K-1 for Box 17 - codes K and V?


@its-just-me wrote:

Also, a few screens after the one asking me for Box 17 info., I am asked for the details of my 199A income.  Here, I can enter every value from the 199A.  So I'm not sure about the "V" box


That is correct; you enter all the values from your 199A in that screen.

 

Do not enter multiple Code Vs as shown in your screenshot.

View solution in original post

its-just-me
Level 3

Where can I find amounts from my K-1 for Box 17 - codes K and V?

God bless you @tagteam!  Thank you so much.  I can now file -- that was the last thing!

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