Yes - The Qualified Business Income Deduction can apply to income reported on a K-1 from a pass-through entity.
All S corporations and partnerships report each shareholder’s
or partner’s share of QBI, W-2 wages, UBIA of qualified property,
qualified REIT dividends and qualified PTP income on Schedule K-1 so the
shareholders or partners may determine their deduction.
Enter the information from the K-1 into TurboTax and it will calculate any
credit for you.
For additional
information on the Qualified Business
Income Deduction, please see the following FAQs on the IRS website:
Tax
Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income
Deduction FAQs
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