In TurboTax Self-Employed, follow these directions to report 1120S income and a qualified business income deduction.
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Wages & Income.
- Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
- At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
- For several screens, you will be entering data right off the K-1 form.
K-1 1120S box 17 information is entered under code V. If the K-1 has no dollar amount, the Section 199A income will be on an attached statement.
At the screen We see you have Section 199A income you will probably choose The income comes from the S corporation that generated this K-1.
At the screen We need some information about your 199A income, you will likely enter:
- the income line,
- a W-2 wage line and
- a UBIA of qualified property line.
Hopefully this information is on an attached statement if the information is not listed on the K-1 itself.
You want to reach the screen Great news! You get a tax break if you qualify for a qualified business income deduction.
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