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DO 1120-S PROFIT QUALITY AS QBI? MATERIAL PARTICIPATION 100% GRAVEL HAULING.

54500
Level 1

ordinary income from 1120-s $72153.00 gross income is under $315,000.

I can't get the 20% deduction for qualified business income to flow through 

the personal return .There are two other businesses that qualify for the 

deduction on the return which total income of about $3,600.00.

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Accepted Solutions
IRonMaN
Level 15

You need to enter all of the applicable QBI information on the K-1 worksheet on the 1040 and answer the questions correctly towards the bottom of the worksheet.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

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5 Replies 5
IRonMaN
Level 15

You need to enter all of the applicable QBI information on the K-1 worksheet on the 1040 and answer the questions correctly towards the bottom of the worksheet.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

View solution in original post

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IRonMaN
Level 15
Call support.  They are trained mind readers, we evidently aren't.
ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
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54500
Level 1
I figured it out myself,went to IRS info on QBI.
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abctax55
Level 15
So it was an input error?  And you gave Jeff a no vote for pointing that out to you.  Hmmm
Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
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54500
Level 1
it was my fault the K-! was incomplete.
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