For QBI reporting purposes you might have more than one activity.  Something to consider if you think things may matter downstream (i.e. if one or more shareholders is over the $157/315K threshold.)  I have one of these, one S Corp, two completely distinct activities (separate bank accounts, separate business licences, separate Quickbooks files).  One owner who's under the $157.5K so I'm probably not going to bother spinning my wheels on activity reporting but if I didn't know he's under $157.5K and wages/ubia might matter I would probably report them as two activities.  I have yet to jump through ProSeries hoops to figure out how (if?) this can be done.  Don't know your situation, just thinking out loud.:+1:

Form 1120-S, Page 3, Schedule K states that when a corporation has more than one trade or activity, IRS requires an attachment to the K-1. Will this be in the form of a spreadsheet or a pdf file attached to the return or a statement within the return...And is it used to report income and deduction from each trade separately?

I'd do astatement listing each activity and net income from each.

Where do you see that requirement? I don't see it on 1120S page 3.

https://www.irs.gov/pub/irs-pdf/i1120s.pdf

Bottom of page 23 (it's actually the K-1 instructions, not the 1120S page 3 instructions).  It's tied to the passive activity reporting requirements, but in practice, I don't see how you can determine QBI at the activity level without this information being split out and reported.

Edit:  Oops, meant to paste the text:

If items of income, loss, deduction, or
credit from more than one activity
(determined for purposes of the passive
activity loss and credit limitations) are
reported on Schedule K-1, the corporation
must provide information separately for
each activity to its shareholders.

And here it is on page 38 re:QBI:

To allow shareholders
to correctly figure their QBI deduction, the
S corporation must attach a statement to
its Schedules K-1, separately identifying
each trade or business and identifying any
specified service trade or business.

Got it. Thanks.

Great thanks rbynaker, sjrcpa! Is there anyway to list each trade expenses separately or just the net income goes on the statement?

Not automatically. You could create a statement.

Thanks