U.S. · Tax forms
1120-S K-1 box 17 code V.
Your S corporation’s numbers for the 20% pass-through deduction.
Box 17, code V on a Schedule K-1 (Form 1120-S) is the S corporation’s section 199A statement. It gives your pro rata share of qualified business income items, W-2 wages, the unadjusted basis of qualified property, and section 199A dividends. You use it to complete Form 8995 or Form 8995-A. It is information, not a deduction amount.
Which QBI form does code V feed?
Result
Common box 17 codes on an S corporation K-1
| Code | Meaning | Where it goes (per the IRS instructions) |
|---|---|---|
| A | Investment income | Form 4952, line 4a |
| B | Investment expenses | Form 4952, line 5 |
| U | Net investment income | Information to figure the net investment income tax; follow the Instructions for Form 8960 |
| V | Section 199A information | Form 8995 or Form 8995-A |
| AA | Excess taxable income | Form 8990, Schedule B, line 45, column (c), if you must file Form 8990 |
| AB | Excess business interest income | Form 8990, Schedule B, line 45, column (d), if you must file Form 8990 |
| AC | Gross receipts for section 448(c) | Used to figure the business interest expense you can deduct under section 163(j) |
| AJ | Excess business loss limitation | Statement of aggregate gross income and deductions to figure the section 461(l) limit |
| AN | Farming and fishing income | Individuals: Schedule E (Form 1040), Part V, line 42, as an item of information |
| BA | Domestic research or experimental expenditures | Section 174A deduction or capitalization election information |
| ZZ | Other | Any other information you need to file your return |
What the code V statement contains
The S corporation lists, for each qualified trade or business or aggregation, your pro rata share of items that may count as QBI, the W-2 wages allocable to that QBI, and the UBIA of qualified property. It also reports your share of net section 199A dividends. If the S corporation was a patron of a specified agricultural or horticultural cooperative, you must use Form 8995-A and complete Schedule D (Form 8995-A), and the statement adds the cooperative items and your share of the section 199A(g) deduction.
Which form: 8995 or 8995-A
The 2025 instructions say to use Form 8995 if you have QBI, section 199A dividends or PTP income, your 2025 taxable income before the QBI deduction is $197,300 or less ($394,600 if married filing jointly), and you are not a patron of a specified cooperative. If you do not meet all three, use Form 8995-A. Use the tool above with your own income.
Not everything in the statement counts
The amounts reflect your pro rata share and may include items that are not includible in your calculation. You include only qualified items of income, gain, deduction and loss that are included or allowed in determining taxable income for the year.
Worked example
Tomas files jointly and owns 40% of an S corporation. His joint 2025 taxable income before the QBI deduction is $380,000. That is at or under $394,600, and the S corporation is not a cooperative patron, so he uses Form 8995 and takes the QBI figure from his code V statement. Had his joint income been $420,000, he would use Form 8995-A and need the W-2 wage and UBIA lines. For the sole proprietor version of the deduction, see the QBI deduction calculator.
More form decoders
Other pages in this set: K-1 Box 20 Code Z, K-1 Box 14 Code A, K-1 Box 13 Codes, K-1 Box 11 Codes. The 1099-R box 7 lookup and W-2 box 12 lookup cover the same kind of question for those forms.
Sources
- Instructions for Schedule K-1 (Form 1120-S) (2025): Box 17, Other Information, codes A through ZZ, and Code V. Read November 2, 2026.
- Instructions for Form 8995 (2025): Thresholds and the Form 8995-A requirement above them. Read November 2, 2026.
IRS pages last reviewed April 30, 2026. Thresholds are the tax year 2025 figures printed in the instructions.
Frequently asked questions
What is box 17 code V on a 1120-S K-1?
It is the section 199A information: your pro rata share of QBI items, W-2 wages, UBIA of qualified property and section 199A dividends from the S corporation. You use it to figure your QBI deduction.
Is code V on a 1120-S the same as code Z on a 1065?
They report the same kind of information. A partnership K-1 (Form 1065) uses box 20 code Z and an S corporation K-1 (Form 1120-S) uses box 17 code V.
Which form do I use with code V?
Form 8995 if your 2025 taxable income before the deduction is $197,300 or less ($394,600 if married filing jointly) and you are not a cooperative patron. Otherwise Form 8995-A.
Is the code V amount my deduction?
No. It is information the S corporation gives you. You compute the deduction on Form 8995 or 8995-A.
Why do the W-2 wages on code V not match my pay?
The W-2 wages in the statement are your pro rata share of the S corporation’s W-2 wages allocable to QBI of each qualified trade or business, not the wages the corporation paid you.
Not tax advice
This page summarizes IRS instructions, mostly written for the people who prepare the form, and is not tax, legal or financial advice. The payer, a CPA or an enrolled agent can confirm what a box or code means for your return. Everything runs in your browser; nothing you enter is sent anywhere.