Follow these steps:
- At the screen Enter Box 17 info, you likely need to select code V Section 199A information. Click Continue.
- At the screen We need some information about your 199A income, you will need the following information:
- Ordinary business income (loss) from this business,
- You may need the following information:
- W-2 wages for this business, and
- UBI of qualified property for this business.
- Enter these values for the qualified business income deduction to be calculated.
Enter the section 199A information for the box 1 activity. The preparer of the Schedule K-1 should provide section 199A information to compute the qualifying business income deduction for the entity income.
2023 Shareholder’s Instructions for Schedule K-1 Form 1120S page 17 states:
The S corporation will provide the information you need to figure your deduction.
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