Business Income Deduction Reporting

If you’re an owner of a pass-through entity, you may be eligible for a 20% deduction of your qualified business income (QBI). Partnerships and S corporations will be reporting information to owners that they need for figuring their deduction. A draft of Schedule K-1 for Form 1065 (for partnerships) contains 5 new entries for information related to the new Section 199A deduction.

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