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Level 1
December 7, 2019
Solved

How does an S corp report the required Qualified Business Income separately on K-1s for each trade or business (per IRS Form 1120S draft instructions)?

  • December 7, 2019
  • 1 reply
  • 13 views

While reviewing the Lacerte latest release for S corps, Sch K input for Section 199A doesn't provide for the required reporting of multiple trades or business. 

The applicable page from the IRS instructions is attached.


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Best answer by abctax55

The software is not yet fully functional...hopefully the update on 1/9/19 will handle this.  Or not.

1 reply

abctax55
abctax55Answer
Level 15
December 7, 2019

The software is not yet fully functional...hopefully the update on 1/9/19 will handle this.  Or not.

HumanKind... Be Both