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Federal input screens

Screen K1TQBI - Schedule K-1, 1041 - QBID

Use Screen K1TQBI to enter qualified business income from pass-throughs entities.

Qualified Business Income (QBI)

Enter a unique name from the Schedule K-1 - QBI/qualified PTP items subject to partner-specific determinations statement. To use the entity name, leave the field blank.
Mark this field if the trade or business is a publicly traded partnership. The qualified business income marked as PTP goes to Form 8995, line 6, or Form 8995-A, line 28.
Mark this field if, at the entity level, the trade or business was an aggregated business. You must attach a copy of the relevant pass-through entities' aggregation. When filing electronically, UltraTax CS will produce a diagnostic to remind you to upload a PDF file of the aggregation as an electronic filing attachment. The diagnostic will be cleared once a document has been uploaded.
Mark this field to indicate that qualified business income for this unit is from a specified service trade or business. The qualified income from this activity will be treated as follows:
  • Taxable income less than the threshold is included on Form 8995.
  • Taxable income between the threshold and maximum amount is included on Form 8995-A (Schedule A).
  • Taxable income greater than maximum amount allowed for specified service trades or businesses isn't included on the return.
Enter the amount provided by the entity for this unit. UltraTax CS will apply any basis, at-risk, or passive activity adjustments to be included in the qualified business income.
Enter the amount provided by the entity. UltraTax CS will include Section 1231 gains or losses in qualified business income only when they aren't included in ordinary income.
This field doesn't datashare and must be entered manually.
When this screen has more than 1 unit, UltraTax CS produces the K-1 Reconciliation Worksheet – Qualified Business Income Totals. UltraTax CS applies the following to the first unit: loss limitations, unreimbursed partnership expenses, debt finance acquisition interest, and deductions for SE tax, health insurance and pensions.
Mark this field to apply the adjustments to the current unit instead of the first unit.
The K-1 Reconciliation Worksheet – Qualified Business Income report provides a comparison of the total K1QBI screen amounts and the amounts in the K1 screens. If the income on Schedule K1 and the amount from the Section 199A Information statement have different qualified business income, enter an amount to use for this unit. UltraTax CS will use this amount instead of the system-calculated amount on Form 8995 or 8995-A. The K-1 Reconciliation Worksheet – Qualified Business Income will indicate that the amount has been forced.
To include this trade or business in a grouping for the qualified business deduction under the rules of Regulation Section 199A-4, enter a group number. Use the same code for all the trade or businesses in the same group. UltraTax CS combines all group members into one calculation. Form 8895-A, Qualified Business Income Deduction, Schedule B – Aggregation of Business Operations is produced only when the Form 8995, Qualified Business Income Deduction Simplified Worksheet isn't used.

Aggregation Group

To include this trade or business in a grouping for the qualified business deduction under the rules of Regulation Section 199A-4, enter a group number. Use the same code for all trades or businesses in the same group. UltraTax CS combines all group members into 1 calculation. Form 8995-A, Qualified Business Income Deduction, Schedule B – Aggregation of Business Operations is produced only when Form 8995, Qualified Business Income Deduction Simplified Calculation isn't used.

Patrons of Specified Agricultural and Horticultural Coops

Enter the DPAD allocated from the agricultural or horticultural cooperative, if any. The amount is used on Form 8995-A, line 38.
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