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Federal input screens

Screen K1QBI – Qualified Business Income From Pass-Through Entities (1120)

Overview

Use this screen to complete the qualified business income information items received from a pass-through entity.

General Information

Enter
X
 if the pass-through entity is a publicly traded partnership. Amounts entered in the W-2 wages and Qualified property fields for a PTP activity will not transfer to the Section 199A Information worksheet. A publicly traded partnership cannot be included in an aggregated activity.
Enter
X
 if the amounts entered on the K1QBI screen were aggregated at the pass-through entity level. The S Corporation cannot subtract from the trades or businesses aggregated at the pass-through entity level, but it may add trades or businesses to the aggregation. Complete the Aggregation Group section of the screen if the S Corporation is including the activity in another aggregation.
Enter the amount of section 179 deduction the S Corporation was able to deduct.
Enter a number and description to aggregate the pass-through activity with other trades or businesses into a single Section 199A trade or business. The total amounts from the aggregated activities are displayed on the Section 199A Information Worksheet. The detail of the aggregated activities displays on the Section 199A Aggregate Worksheet. A specified service trade or business and publicly traded partnership cannot be included in the aggregation.
UltraTax CS/1120 prints an Aggregate Group Disclosure statement in the shareholder package. The Aggregate Group Disclosure statement must be attached to the shareholder’s federal tax return.
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