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Deductions & credits
you didn't provide enough info. an S-corp does not get the QBI deduction. the information is passed through to the shareholders who get it. there are many other elements to computing the QBI deduction which you did not provide.
you can do your own calculations. in Turbotax, there is a Qualified Business Income Component Worksheet.
fill it out starting with line 2. then once you get to line 31 you can use form 8995A to compute the allowable deduction.
I would think that the tentative QBI deduction in your situation would be 20% of QBI. but that's only tentative. other items on your return affect the allowable QBI
‎June 21, 2021
7:13 PM
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