Qualified business income deduction
Starting in 2018, noncorporate taxpayers can deduct qualified business income (QBI) against taxable income (not AGI). The qualified business income deduction (QBID) is generally 20% of a taxpayer’s QBI from a partnership, S corporation, or sole proprietorship.
Individuals, trusts, and estates that have QBI, qualified real estate investment trust (REIT) dividends, or qualified publicly traded partnership (PTP) income can qualify for the deduction. Partnerships and S Corporations can take it at partner or shareholder level on an individual return.
You can find QBID worksheets in Forms view. UltraTax CS prints supporting statements with the worksheets as necessary. Go to the IRS website for detailed information on the QBID.
