On return 1040, QBI deduction is show on line 13.
Does QBI dedution is also shown on 1120S return? Where to find QBI deduction on 1120S return?
Or does it show on 1120S K1 form? Where to find it in K1 1120S form?
Thank you for your valuable input.
My second question is where to find out QBI amount on 1120S K1 form? Whether the data includes both: W2 income and ordinary income on box 1 on K1?
The K-1 should provide shareholder's share of Qualified Business income - which may or may not be the same as K-1 Line 1, their share of W-2 wages, and their share of the Unadjusted Basis of Fixed assets.
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