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thedocumentplace
Level 2
December 7, 2019
Solved

199a. Can a shareholder of a restaurant 1120s-corp qualify for the QBI?

I enter the K-1 for my client and I scroll all the way down to the QBI part. I check yes for qualified  section 199A business. However the program does not calculate the discount. 

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sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

The 199A deduction is taken on the shareholder's 1040. The K-1 from the 1120S should provide the info needed to compute the deduction.

The more I know the more I don’t know.
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sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

The 199A deduction is taken on the shareholder's 1040. The K-1 from the 1120S should provide the info needed to compute the deduction.

The more I know the more I don’t know.
    thedocumentplaceAuthor
    Level 2
    December 7, 2019
    thank you for your quick response. I just don't know why the QBI is not even calculating. The business income is not showing up under qualified business income
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