actgsvsco
Level 2
12-06-2019
08:00 PM
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For Scorp 1120S it is my understanding that the QBI deduction is not taken by shareholders on the corporate 1120S tax return, but rather information for QBI is provided to shareholders on their K-1, box 17 codes V through Z. In ProSeries, will information on shareholder K-1’s flow through to proper line items of form 1040 for the QBI deduction?
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abctax55
Level 15
12-06-2019
08:00 PM
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Eventually it will....wait for future updates.
And yes, your understanding is correct. The info is given to the shareholders/partners/beneficiary and then the computations are done on the F 1040.
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