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Pass-Through Reporting - QBI:

Updated: Mar 3

S corporations and partnerships are required to report each shareholder’s or partner’s share of income and expenses for each qualified trade or business (or aggregated trade or business) on the individual shareholder’s or partner’s Schedule K-1, so the shareholder or partner can calculate their QBI deduction.  Examples of income or expenses are listed below:

Section 

  • 199A QBI

  • 199A W-2 wages

  • 199A UBIA

  • 199A qualified REIT dividends

  • 199A qualified PTP income

  • Disclosure of information for aggregated trades or businesses

  • Verification of each trade or business as a specified service trade or business

The items shown above are reported on line 17, Schedule K-1 (Form 1120S) and line 20, Schedule K-1 (Form 1065).

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Cathy Fisher

Common Cents Bookkeeping and Tax Preparation

Serving Henderson, NC, Buncombe County, Polk County, Transylvania County

E: cathy@commoncentsqbo.com

P: 828-595-2835

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