Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Where to find QBI deduction on 1120S return?

kwyp
Level 4

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? 

0 Cheers
3 Comments 3
sjrcpa
Level 15

The information to compute the QBI deduction on the shareholder's 1040 appears on the K-1 from the S Corp.

The more I know, the more I don't know.
kwyp
Level 4

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? 

0 Cheers
sjrcpa
Level 15

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.

The more I know, the more I don't know.