Level 2

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Is the QBI deduction calculated automatically or manually on a 1120S return?

Forum|Forum|6 years ago
December 7, 2019
14 replies
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Is the Qualified Business Income deduction calculated automatically on 1120S. I not, where is the manual calculation entered?

ProSeries Professional

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Best answer by abctax55

Wait for an update, as has been discussed a zillion times on this forum.

Just one recent one, from this morning:

https://accountants-community.intuit.com/questions/1792456-is-the199a-complex-worksheet-et-al-workin...

taxiowa

Level 8

Actually on the partnership returns it is just a matter of telling program that taxpayer is a specified service or not. That is entered on Sec 199A worksheet. Then the info flows to the K1's. You may have to make some adjustments to wages and asset balance and income, but that is all. I imagine it is the same for s-corp. Have not done any of those yet.

abctax55

Level 15

HumanKind... Be Both

T

TorrellisAuthor

Level 2

Qualified Business Income is reported on the worksheet from what I can see. Where is the 20% deduction calculated? On the shareholder's 1040? If so, how?

taxiowa

Level 8

The codes to enter on 1040 K1 entry worksheet are on the landscape attachment statement you create. Use these codes on the individual's 1040. But not yet as pointed out repeatedly below the 1040 is not functional yet for K1's. Also you have to print the K-1 199A statement separately as it does not print with the K1's.

Accountant-Man

Level 13

The 20% deduction has other personal i.e., 1040 limitations, so there is no way the k1 can calculate it.

** I am "Elevating with Intention!"

taxiowa

Level 8

True. The K1 only shows numbers from s-corp to figure on each individuals 1040 return.

abctax55Answer

Level 15

Wait for an update, as has been discussed a zillion times on this forum.

Just one recent one, from this morning:

https://accountants-community.intuit.com/questions/1792456-is-the199a-complex-worksheet-et-al-workin...

HumanKind... Be Both

IRonMaN

Level 15

A zillion? Who is over exaggerating now? It can't be over 9 billion.

Slava Ukraini!

abctax55

Level 15

AND...doesn't PS send out notices about what's going on like Lacerte does????

HumanKind... Be Both

Ernie

Level 7

Pro Series Notices - we just get an e-mail saying the number one question of the week is how do you install the software, etc. Never any program errors.

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