Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen QBI - Qualified Business Income (1120)

Qualified Business Income

Use this screen to complete the qualified business income information including aggregation.
Enter
1
 if the activity qualifies for trade or business for the purpose of section 199A. Enter
2
 if it is not.
Enter
X
 if this qualified trade or business activity is a specified serviced trade or business (or SSTB). An SSTB cannot be included in an aggregated group.
Enter
X
 if the rental real estate activity meets the section 199A safe harbor requirements. When this field is marked, UltraTax CS/1120 prints a Section 199A safe harbor statement.
Enter the safe harbor group number to indicate this activity is part of a safe harbor enterprise. This will be reflected on the safe harbor required statement.
This field displays the cost of all the assets which would qualify for the QBI deduction. The amount is included on the Section 199A Information Worksheet if the activity is marked as “Qualify as trade or business for section 199A”.
UltraTax CS also prints a Qualified Property Report when “Qualifies as trade or business for Section 199A” is answered “Yes” in the Asset tab, Setup, and then Activity. To exclude assets from the Qualified Property Report, mark “Exclude asset from qualified business income deduction” in the Asset detail and then Other tab for each asset.
Based on IRC Regulation 1.199A-2(a)(3)(iii), each shareholder’s share of the qualified property is proportionate to the ratio of shares in the S Corporation held by the shareholder on the last day of the taxable year over the total issued and outstanding shares of the S Corporation. The shareholder’s beginning of year shares is required to complete this calculation. UltraTax/1120 prints an informational diagnostic message when the Beginning of year shares in View > Shareholder Information > Shareholder tab is blank.
Enter a number and description to aggregate multiple trades or businesses into a single Section 199A trade or business. The total amounts from the aggregated activities are displayed on Section 199A Information worksheet. The detail of the aggregated activities displays on the Section 199A Information Detail Worksheet. A specified service trade or business and publicly traded partnership cannot be included in the aggregation.
UltraTax CS/1120 prints an Aggregation disclosure statement in the shareholder package. The Aggregation disclosure statement must be attached to the corporation’s federal tax return.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close