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Business & farm
Yes - The Qualified Business Income Deduction can apply to income reported on a K-1 from a pass-through entity.
Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs
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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June 1, 2019
1:20 PM