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

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

jgcpa
Level 4
 
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
itonewbie
Level 15

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.

---------------------------------------------------------------------------------
Still an AllStar

View solution in original post

0 Cheers
1 Comment 1
itonewbie
Level 15

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.

---------------------------------------------------------------------------------
Still an AllStar
0 Cheers