Solved: I have a 1120-s and have not been prompted for the Qualified Business Income 20% deduction.
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jhakala
New Member

I have a 1120-s and have not been prompted for the Qualified Business Income 20% deduction.

Turbo Tax Home and Business calculated schedule C Qualified Business Income Deduction but did not calculate it for my 1120-S. Why not?

1 Best answer

Accepted Solutions
DawnC0
Intuit Alumni

I have a 1120-s and have not been prompted for the Qualified Business Income 20% deduction.

In order for TurboTax to calculate a QBI deduction for an S-corp, Box 17 (Other Infomation) must have QBI-related codes (V-Z).   It doesn't have to have all the codes, but a 199A income code is required.  Check with the preparer of the Form 1120 if the code(s) are not listed.  

  • V Section 199A income 
  • W Section 199A W-2 wages 
  • X Section 199A unadjusted basis 
  • Y Section 199A REIT dividends 
  • Z Section 199A PTP income

2018 Form 1120 S (Schedule K-1)

View solution in original post

1 Reply
DawnC0
Intuit Alumni

I have a 1120-s and have not been prompted for the Qualified Business Income 20% deduction.

In order for TurboTax to calculate a QBI deduction for an S-corp, Box 17 (Other Infomation) must have QBI-related codes (V-Z).   It doesn't have to have all the codes, but a 199A income code is required.  Check with the preparer of the Form 1120 if the code(s) are not listed.  

  • V Section 199A income 
  • W Section 199A W-2 wages 
  • X Section 199A unadjusted basis 
  • Y Section 199A REIT dividends 
  • Z Section 199A PTP income

2018 Form 1120 S (Schedule K-1)

View solution in original post

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