IreneS
Intuit Alumni

Business & farm

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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