The qualified business income deduction (QBID) is entered in box 14, with code I on the K-1. There should be a statement with the K-1 that explains the entries for this section. It should also provide information for the following which you will need.
- W-2 wages. The amounts reported reflect your distributive share of the partnership’s W-2 wages allocable to the QBI of each qualified trade, business, or aggregation. See the instructions for Form 8995 or 8995-A, as appropriate.
- Unadjusted basis immediately after acquisition (UBIA) of qualified property. The amounts reported reflect your distributive share of the partnership’s UBIA of qualified property of each qualified trade, business, or aggregation. See the instructions for Form 8995 or 8995-A, as applicable.
- Section 199A dividends. The amount reported reflects your distributive share of the partnership’s net section 199A dividends. See the instructions for Form 8995 or 8995-A, as applicable.
The net investment income tax (NIIT) is included in box 14, with code H and is explained below.
- Use code H to identify the amount of the beneficiary’s adjustment for section 1411 NII or deductions. See the Instructions for Form 8960. An attachment may be provided with the Schedule K-1 informing the beneficiary of the detailed items to be reported on Form 1040 or 1040-SR. See Net Investment Income Tax (NIIT), earlier, for more information on these amounts
If you don't have this information check with the CPA again.
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