@Adelawu
Your S corporation 1120S income may qualify for the Qualified Business Income Deduction. See this TurboTax Help. 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. I have seen comments that the Amount does not have to be entered but I enter the Box 1 number if a value is not provided.
- Click Continue.
At the screen We need some information about your 199A income, you will likely need to enter the following information:
- Ordinary business income (loss) from this business,
- Section 179 deductions,
- W-2 wages for this business, and
- UBI of qualified property for this business.
Enter these values for the Qualified Business Income Deduction to be calculated.
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