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April 9, 2025
Question

K-1 box 17,code V, lists 3 items/numbers in a statement.In turbotax,I can write the numbers, but no comments. What should I do with this part of box 17?

  • April 9, 2025
  • 3 replies
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The statement lsits values for ordinary inocme, w-2 wages, and unadjsuted basis. Do I list all three, one, or noe, and how can I attribute the numbers if there is no way to write a comment?

    3 replies

    April 9, 2025

    For IRS Schedule K-1 (1120S), at the screen Enter Box 17 info, select code V Section 199A information.  A value does not have to be entered.

     

    Then click Continue.

     

    At the screen We need some information about your 199A income, click the box to the left of the item to be entered.  An entry box will open.  You may be entering:

     

    • Ordinary business income (loss) from this business,
    • W-2 wages for this business, and
    • UBIA of qualified property for this business.

    Enter these values for the qualified business income deduction to be calculated.

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    jonfpedsAuthor
    April 9, 2025

    That worked, thanks!

    April 9, 2025

    you can leave 17v blank. Turbotax doesn't use it. later on it will ask about 199A/QBI information  (does your k-1 have a code in17 v > yes) for which there can be multiple items 

    1) income/ loss (always present; the others aren't)

    2) 1231 gain

    3) 179 deduction

    4) other deductions

    5) w-2 wages 

    6) UBIA 

    7)reit dividends

     

    only enter for those items present in 17V or an attached statement  

     

    jonfpedsAuthor
    April 9, 2025

    That worked; thanks!