No. Per IRS FAQs on Section 199A: "S corporations and partnerships are generally not taxable and cannot take the deduction themselves. However, all S corporations and partnerships report each shareholder's or partner's share of QBI items, W-2 wages, UBIA of qualified property, qualified REIT dividends and qualified PTP income, and whether or not a trade or business is a specified service trade or business (SSTB) on a statement attached to the Schedule K-1 so the shareholders or partners may determine their deduction."
Distributions are generally not taxable income, although the income that generated the distribution may be included in K-1 income that may qualify for QBI.
Yes, if Schedule K-1 is properly completed, includes information on Sec 199A, and entered correctly, TurboTax will include this information when calculating the QBI deduction on your personal 1040 tax return.
For more information, see this TurboTax article: How do I claim the Qualified Business Income Deduction as a Schedule K-1 Recipient?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
