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PC2025
Level 4
August 18, 2024

Where to find QBI deduction on 1120S return?

  • August 18, 2024
  • 1 reply
  • 155 views

On return 1040, QBI deduction is show on line 13. 

Does QBI dedution is also shown on 1120S return? Where to find QBI deduction on 1120S return?

Or does it show on 1120S K1 form? Where to find it in K1 1120S form? 

    1 reply

    sjrcpa
    sjrcpa
    Level 15
    August 19, 2024

    The information to compute the QBI deduction on the shareholder's 1040 appears on the K-1 from the S Corp.

    The more I know the more I don’t know.
      P
      PC2025Author
      Level 4
      August 19, 2024

      Thank you for your valuable input. 

      My second question is where to find out QBI amount on 1120S K1 form?  Whether the data includes both: W2 income and ordinary income on box 1 on K1? 

      sjrcpa
      sjrcpa
      Level 15
      August 19, 2024

      The K-1 should provide shareholder's share of Qualified Business income - which may or may not be the same as K-1 Line 1, their share of W-2 wages, and their share of the Unadjusted Basis of Fixed assets.

      The more I know the more I don’t know.
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