How do I know what $$ goes in Box 17 of my Schedule K-1 when codes V and AC are listed with "STMT"? I see the two following pages but no clear $ amount is given.

Forum|Forum|3 years ago
February 21, 2023
1 reply
0 views

AC shows 8990 Gross Receipts for 2019,2020, 2021; 3 separate shareholder amounts.
V shows Column A with an amount for QBI or Qualified PTP items, an amount for W-2 wages, and an amount for Qualified property.

TurboTax Premier Online

ThomasM125

You enter the code V and AC in the box 17 entry screen and the related income. The code V is the important entry, as that is your Qualified Business Income (QBI) for which you may be due a deduction. So, enter the code V and the related income amount in the box 17 entry. Later on you will see a screen that says We see you have Section 199A income. Most likely you would choose the The income comes from the S Corporation that generated this K-1 option. On the next screen you will see an option to enter the W-2 wage amount and also S Corp UBIA of qualified property amount, as well as other information that may be listed on your K-1 schedule.

For the AC entry, enter that code in the Box 17 entry screen and the related receipts.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Mike9241

@ThomasM125 you do know that on the desktop version entering code V in box 17 does nothing. the V is in red. there is a separate section on the k-1 to enter the QBI info. as for code AC there is no reason to enter that because Turbotax does not provide for that item in its app. Sec 448 info is for determining whether or not certain entities after aggregation can use the cash basis of accounting there is no form.