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Section 199A, qualified business income deduction
The qualified business income (QBI) for each activity equals the respective net income, net of passive activity limitations, not considering prior year passive losses allowed. UltraTax CS calculates the qualified business income deduction (QBID) and generates the QBID worksheets when you meet both of the following conditions.
- You enter1in theActivity qualifies as trade or business for section 199A deductionfield in the C-2, F-2, Rent-2, K1QBI, or K1TQBI screen.
- The distributable net income isn't fully distributed to beneficiaries.
note
If you allocate 100% of the distributable net income to the beneficiaries, UltraTax CS still generates a detail worksheet to let you know that the calculation has happened. This worksheet is non-submittable and isn't part of the government collation.
UltraTax CS reports the deduction on Form 1041, page 1, line 15a. If you disagree with the calculated amount, you can force the amount of QBI for the activity in the
Section 199A income (Force)
field on the C-2, F-2, Rent-2, K1QBI, or K1TQBI screen.note
If you leave the
Activity qualifies as trade or business for section 199A deduction
field blank on the activity screens, a critical diagnostic message prints.QBID isn't calculated for the following:
- Form 1041-QFT returns
- Charitable remainder trusts filing Form 5227
UltraTax CS adjusts Form 1041, Schedule B, line 1 to add back the QBID deductions per the form instructions.
UltraTax CS excludes S corporation activities from the calculation for QSST returns. An FYI diagnostic will tell you to enter S corporation information in the QSST additional information statement in Beneficiary Module. Only enter the information given on 1120S K-1.