First year as an S Corp
Only one Shareholder, it is the owner of 100% stock:
K1 has Box 17 of code V, see stmt.
Statement (QBI or qualified PTP items subject to shareholder-specific determinations:) shows:
Ordinary Business Income: 48338
Section 179 Deduction: 8183
W2 wages: 33095
UBIA of qualified property: 8183
Based on this, What is the QBI?
I don't see the 20% deduction anywhere on 1120s. Does it somehow pass through to individual 1040? If so, where?
