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

[thedocumentplace]

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. 

[sjrcpa · Accepted solution]

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.

[thedocumentplace]

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

[sjrcpa]

I use Lacerte so I can't help.

[IRonMaN]

Towards the bottom of the K-1 worksheet there is box to click to link to a QBI worksheet.  By linking to a worksheet you are creating the worksheet.

[thedocumentplace]

yes I've linked it but doesn't calculate

[IRonMaN]

What was their AGI?

[thedocumentplace]

47,698

[IRonMaN]

In the software, you will find a QBI worksheet ------ you may have to hunt a little to find it.  Print it off to review the calculations to see what is going on.

[thedocumentplace]

thank you

[IRonMaN]

You betcha!

[paullouissmithus]

Where is worksheet to enter 199A under Code V on shareholders K-1

[paullouissmithus]

I have the info form 1120S on K-1.

Where do I enter it on Shareholders 1040?

[paullouissmithus]

I have the 199A info.

WHERE DO I PUT IT ON THE k-1