20% pass-thru deduction

Forum|Forum|6 years ago
October 15, 2019
3 replies
13 views

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

Anonymous_

Level 15

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

Mountain_Business1

Level 2

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.