S Corp QBI. How does it work

[dnmalkin]

First year as an S Corp

Only one Shareholder, it is the owner of 100% stock:

K1 has Box 17 of code V, see stmt.

Statement (QBI or qualified PTP items subject to shareholder-specific determinations:) shows:

Ordinary Business Income: 48338

Section 179 Deduction: 8183

W2 wages: 33095

UBIA of qualified property: 8183

Based on this, What is the QBI?

I don't see the 20% deduction anywhere on 1120s. Does it somehow pass through to individual 1040? If so, where?

[Mike9241]

The deduction is not on the 1120S. it's only at the shareholder level that it's computed. the amount is transferred from the tax form to line\r 13 of page 1 of the 1040

In your 1040 look for form 8995. there are many factors that determine the QBI deduction besides the S_corp's net income. it can be affected by filing status, taxable income, whether the business is a Specified Service Trade or Business. 

besides entering the 17V info make sure you complete the QBI section for the s-corp in Turbotax. turbotax dios not use that 17V info. (why?- don't know)