K11120-S Section 17 V

[JESSEGALINDO]

Hi - I am a tax preparer & use Pro Series Basic. I need some hand holding with a K1 1120-S section V. I prefer some one on one help by phone. I am willing to pay a reasonable fee for assistance. If interested, please text me at

Thanks!

Jesse 

[sjrcpa]

@JESSEGALINDO This is a public forum. Remove your phone number and email. The only ones who will contact you will be scammers.

[JESSEGALINDO]

thanks for the message.

[Terry53029]

If you are talking about for the shareholder' s K1 there are only three sections, no section V. Are you talking about line 17 with code V ?

[JESSEGALINDO]

Yes, sorry about the confusion. Line 17 code V. the entry has an * & stmt .

Thanks for your reply.

[TaxGuyBill]

On the K-1 worksheet in ProSeries, scroll down to line 17.  Under that are three "Quickzoom" buttons.  Click the third one and you should be able to enter the information from the statement that is attached to your K-1.

[Terry53029]

That is for the QBI for your client. The statement usually has three amounts

       Ordinary business income.

       W2 wages

       UBIA of qualified property

Once you put those numbers in Pro Series Pro will calculate the QBI for you. Google is your friend to see how, and what the three amounts are. You will have to get the statement from the preparer that did the 1120S to get the amounts you need.