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QBI

Section 199A

Print the Section 199A Trade or Business Safe Harbor statement

To print the Section 199A Trade or Business Safe Harbor statement, go to the
QBI
 window. Enter
X
 in the
Section 199A safe harbor
 field for each Rent & Royalty or Farm Rental activity in the statement.

Section 1377 election

When the S Corporation makes a Section 1377 election, go to the
1377-4
 window in the
Shr Allocation
 folder and enter the Section 199A amounts. A Schedule K-1 statement prints with the totals of the Section 199A items for all the activities. You'll also need to indicate whether the qualified business activity is a specified service trade or business. Select
View
,
Shareholder Information
,
Other Info
 tab,
Supplemental information statement
 window.

Consolidated S Corporations

Each member of the consolidated group that qualifies as a trade or business for Section 199A purposes needs to complete the following fields on the
QBI
 screen in the
Income and Deductions
 folder.
  • Description
     to differentiate the Page 1 activity between the members of the consolidated group.
  • Business income (loss) (Force)
     is equal to Schedule K, line 1 minus the income from a farm activity and pass-through entity for the member.
  • Section 1231 gain (loss) (Force)
     allocated to the Page 1 members Page 1 activity.
  • Section 179 deduction (Force)
     allocated to the Page 1 members Page 1 activity.
  • W-2 wages (Force)
     is equal to the sum of the following fields in the member client.
    • Officer's compensation before employment credit reduction
      , net of
      Compensation claimed elsewhere on return
       on the
      Inc
       window.
    • Salaries and wages before employment credit reduction
       on the
      Inc
       window.
    • Cost of labor before employment credit reduction
       on window A.
UltraTax CS combines the
QBI
 screens from each member client. It then transfers the data to a separate column on the consolidated S Corporation Section 199A Information Worksheet.
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