topic 20% pass-thru deduction in Deductions & credits

20% pass-thru deduction

Jeffmbauer77 — Tue, 15 Oct 2019 22:09:04 GMT

Is Turbo Tax business version programmed to take the 20% pass-thru deduction on pass-thru income from a partnership?

Re: 20% pass-thru deduction

Anonymous_ — Tue, 15 Oct 2019 22:12:38 GMT

S corporations and partnerships are generally not taxable and cannot take the deduction themselves. However, all S corporations and partnerships report each shareholder’s or partner’s share of QBI items, W-2 wages, UBIA of qualified property, qualified REIT dividends and qualified PTP income items on a Schedule K-1, or on a statement attached to, so the shareholders or partners may determine their deduction.

See https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

Re: 20% pass-thru deduction

Mountain_Business1 — Sat, 25 Jan 2020 18:51:25 GMT

I am 100% owner of my S. Corp. Can you advise if I should input my S. Corp's UBIA of qualified property dollar amount on my K1 entry for section V on my 1040 personal return? Turbo Tax business for Schedule K-1 has 17 V *statement. The business 199A Statement A Summary has UBIA of qulifed property 5,219.

Re: 20% pass-thru deduction

Anonymous_ — Sat, 25 Jan 2020 19:19:44 GMT

@Mountain_Business1 Input the K-1, but the K-1 component for QBI is not complete at this time.