A fiscal year S corporation (or partnership) must include all of the required information for its shareholders to compute the QBI deduction on their 2018 individual income tax returns. For a list of the required information, see the K-1 instructions to Line 17, Items V - Z. The S corporation's tax returns can be e-filed because a PDF can be attached.
If a fiscal year S corporation or partnership does not attach that required information to its tax returns and K-1's for the tax year ending in 2018, the shareholders, partners are not eligible for any QBI deduction. If the returns have already been filed without the required information, they should be amended.
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Ruth Sattig Betz
RUTH A. SATTIG BETZ, CPA
Farmingdale NY
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Original Message:
Sent: 01-14-2019 09:45
From: Dominic Frandina
Subject: FYE 2018-QBI
Any suggestions on filing a 2017 1120 S with a 2018 fiscal year ending that has income that would qualify for QBI? Should we paper file the return and write in the necessary info on the K-1?
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Dominic Frandina
CPA
CASILLO & FRANDINA, LLP
Floral Park NY
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