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Question

K-1 question, line 17 V

Forum|Forum|3 years ago
March 15, 2023
1 reply
0 views

Entering K-1 info on my personal return (using TT Home and Business).

K-1, generated by TT Business, lists on Line 17 V *STMT and when I go to the statement, I have no idea what to put in on my personal return. Do I put 10,288?

TurboTax Home & Biz Windows

Code V on Line 17 Schedule K-1 for Form 1120-S reflects Section 199A information, so you can enter the amount and Section 199A.

You may be allowed a deduction of up to 20% of your Qualified Business Income (QBI), plus 20% of certain real estate investment trust dividends, known as Section 199A dividends.

You can see whether you're qualified for the deduction depends on factors described in Code V, Section 199A information in the Shareholder's Instructions for Schedule K-1 (Form 1120-S).