What is the source of your Qualified Business Income?
The Qualified Business Income Deduction can be generated from one of two components.
- The QBI component can result from a sole proprietorship, partnership, S corporation, trust or estate. The first component would likely be reported on Schedule C, Schedule E, Schedule F or a K-1.
- The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publically traded partnership (PTP) income. The second component could be reported on 1099-DIV or a K-1.
Qualified business income reported on a K-1 will require:
- Box 17 code V for 1120S, or
- Box 20 code Z for 1065.
See also this TurboTax Help
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