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K-1 199A

Forum|Forum|6 years ago
September 13, 2019
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i am confused as to what I need to fill in on the k-1 line 17 199a, is looking for a box to be filled in by text.

Best answer by Anonymous_

Are you using TurboTax Business?

The program will walk you through the QBI deduction and generate a 199A Supplement statement (for Line 17) to include with a shareholder's K-1.

A

Anonymous_

Is this for an S corporation return (1120-S)?

Are you preparing the return or just trying to enter your K-1 into that section of the TurboTax program?

B

bmoore4718Author

Yes I am preparing the 1120s for 2018.

A

Anonymous_Answer

Are you using TurboTax Business?

The program will walk you through the QBI deduction and generate a 199A Supplement statement (for Line 17) to include with a shareholder's K-1.

J

John Hurd

In Box 17 on the K1 for the owners, you use "V".

When the owner then puts this K1 into his/her 1040, after answering the other questions inputting the K1, they will get to Box 17 where they also put in "V". Assuming the answers to the other questions are inline with what is need to get the QBI deduction, it will pop into the 1040. Note: this only worked for me today (1/29/2020) when I updated TurboTax to pick up the latest. It wasn't finished last week.

A

adawalter

There isn't an amount for Box17 V, just STMT and it wants a number. I have been spending over an hour on this-HELP!

A

Anonymous_

@adawalter You should have received some sort of statement (or addendum) with your K-1 that has the actual figure you would input on Line 17.

The program is looking for a number on Line 17 with a V code; it will not accept "STMT" or anything other than a number.

A

Anonymous

for 2019 the IRS has a new form to report QBI info - 199A info. it's 8995

A

Anonymous_

@12309 wrote:

for 2019 the IRS has a new form to report QBI info - 199A info. it's 8995

The figure entered on Line 17 (V code) will wind up on that form but, apparently, some users are trying to enter "STMT" (because that is what is printed on their K-1s) and/or they did not receive a statement from the issuer.

L

lkeener

I finally was able to complete my taxes on Saturday. Although my K-1 still had "STMNT" on box 17 under V, I figured out the number that was to go there (I used the same figure as line 1) and plugged it in. It worked.

Thanks to all the responses.