Your S corporation 1120S income may qualify for the Qualified Business Income Deduction. Follow these directions to report 199A income from your S corporation 1120S K-1.
- At the screen Enter Box 17 info, you likely need to select V Section 199A information. Enter $0.
- Click Continue.
- At the screen We need some information about your 199A income, you will enter business income (loss) and, perhaps, other information such as:
- W-2 wages for this business, and
- UBI of qualified property for this business.
These values may be found on an enclosed statement and not on the K-1 itself.
The Qualified Business Income Deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025. See also this TurboTax Help.
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