Qualified business income (QBI) for pass-through entities
UltraTax CS automatically calculates Qualified Business Income, W-2 wages, and qualified property for Section 199A purposes when you select
1
in the Qualifies as trade or business for Section 199A
field on the QBI
screen for the activity.Since the Qualified Business Income deduction is taken at the individual level, Section 199A information is reported on the partner’s or shareholder's Schedule K-1 (Box 17 for 1120S and Box 20 for 1065). Amounts on Schedule K-1 are unadjusted figures that are multiplied by the partner’s or shareholder's ownership percentage. You can allocate these amounts for partnerships, but not for S Corporations.
You can find Qualified Business Income worksheets in
Forms
view. Supporting statements will be printed with the worksheets.
