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

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. 

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Accepted Solutions
sjrcpa
Level 15

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.


Ex-AllStar

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13 Comments 13
sjrcpa
Level 15

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.


Ex-AllStar
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
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sjrcpa
Level 15
I use Lacerte so I can't help.

Ex-AllStar
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IRonMaN
Level 15
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.

Slava Ukraini!
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yes I've linked it but doesn't calculate
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IRonMaN
Level 15
What was their AGI?

Slava Ukraini!
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47,698
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IRonMaN
Level 15
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.

Slava Ukraini!
thank you
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IRonMaN
Level 15
You betcha!

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

 

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

Where do I enter it on Shareholders 1040?

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I have the 199A info.

WHERE DO I PUT IT ON THE k-1

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