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July 15, 2020
Question

I have a k-1 from an s-corp (1120-s) with 199A information (box 17 code V) for two companies but Turbotax only allows me to enter information for one company, Please Help

  • July 15, 2020
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How do I enter the information for the second company when Turbotax only has fields for one company?

1 reply

DavidS127
July 15, 2020

Because you have multiple Qualified Business Income (QBI) entities reported on a single K-1, you'll need to "split" this K-1 into separate K-1s for entry into TurboTax.  Enter one K-1 with only the "box" amounts generated by the "main" S Corp, and an additional K-1(s) with only the "box" amounts generated by each separate passthrough entity on that box 17 code V Section 199A Statement.

 

During the first part of the K-1 entry, each K-1 uses the name, address, EIN, etc. of the "main" S Corp shown in Part I and Part II of the K-1 you actually received.  

 

The boxes 1-17 on the K-1 you received are the combined totals of the main S Corp and the passthrough entity(ies).  You must figure out how much of each box 1-17 is for the main S Corp versus each passthrough entity, and that is the "split" you use to enter the box 1-17 on the separate K-1s.  The total each numbered box for your separate K-1 forms must equal the total for that box on the K-1 you actually received.  For example, all box 1 amounts on the separate K-1s should add up to the box 1 amount for the actual K-1 you received.  If you can't figure (deduce) that "split" from the information you have, you will need to contact the preparer of the K-1 to get those amounts. 

 

The Section 199A Statement you received for box 17 code V should already "split" the Section 199A amounts between the entities, so you enter the Section 199A amounts for each entity on the K-1 you've created for that entity.

 

Note that when you enter each K-1, you'll encounter the question "Is the business that generated the Section 199A income a separate business owned by the S Corp?".  When you answer that the income comes from another business, TurboTax will ask for the name and EIN of each pass-through entity.

 

After this, you'll get the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens to enter the amounts from the Section 199A Statement that came with your K-1.

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