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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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1 Solution

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.


Slava Ukraini!

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5 Comments 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.


Slava Ukraini!
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IRonMaN
Level 15
Call support.  They are trained mind readers, we evidently aren't.

Slava Ukraini!
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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
"*******Tax software is no substitute for a professional tax preparer*******
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54500
Level 1
it was my fault the K-! was incomplete.
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