Does the S corp reduce the 1120S ordinary income by separately stated items to calculate Code V on the K-1?

[itonewbie · Accepted solution]

Supposed to but Intuit takes a different position about which werew having an ongoing discussion with them over the last few weeks.

In the meantime, they have provided an input field with the §199A entries for §179 not included in Code V, so that Intuit's tax products will compute the §179 allowed at the shareholder level with respect to that s-corp and reduce the QBI by that amount.