Section 199A
Print the Section 199A Trade or Business Safe Harbor statement
To print the Section 199A Trade or Business Safe Harbor statement, go to the
QBI
window. Enter X
in the Section 199A safe harbor
field for each Rent & Royalty or Farm Rental activity in the statement.Section 1377 election
When the S Corporation makes a Section 1377 election, go to the
1377-4
window in the Shr Allocation
folder and enter the Section 199A amounts. A Schedule K-1 statement prints with the totals of the Section 199A items for all the activities. You'll also need to indicate whether the qualified business activity is a specified service trade or business. Select View
, Shareholder Information
, Other Info
tab, Supplemental information statement
window.Consolidated S Corporations
Each member of the consolidated group that qualifies as a trade or business for Section 199A purposes needs to complete the following fields on the
QBI
screen in the Income and Deductions
folder.- Descriptionto differentiate the Page 1 activity between the members of the consolidated group.
- Business income (loss) (Force)is equal to Schedule K, line 1 minus the income from a farm activity and pass-through entity for the member.
- Section 1231 gain (loss) (Force)allocated to the Page 1 members Page 1 activity.
- Section 179 deduction (Force)allocated to the Page 1 members Page 1 activity.
- W-2 wages (Force)is equal to the sum of the following fields in the member client.
- Officer's compensation before employment credit reduction, net ofCompensation claimed elsewhere on returnon theIncwindow.
- Salaries and wages before employment credit reductionon theIncwindow.
- Cost of labor before employment credit reductionon window A.
UltraTax CS combines the
QBI
screens from each member client. It then transfers the data to a separate column on the consolidated S Corporation Section 199A Information Worksheet.
