@ToddPinSB
Yes, 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,
- 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.
The Qualified Business Income Deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025.
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