Qbi deduction

[billbrennan]

I have a new client as an 1120S. He has not taken a salary, which i have advised him in future filings he must have a salary. The question comes up about the QBI deduction. On the k-1 there are no figures in box 17, however my research indicates that he might still qualify for a QBI deduction. The AI Bert says he can qualify for a deduction. My question is: the lack of him paying himself a salary, is that a problem? In the QBI instructions it says that we are to deduct his salary. Is this a problem if i create a QBI deduction. Can i still take a QBI deduction on the 1040?

[Snaggletooth]

Profit on a K-1 should generate QBI with or without a salary. QBI has several impediments - for example, it must overcome prior QBI loss generators, and has limitations on taxable income of the individual.

[spanel]

I have a new client as an 1120S. He has not taken a salary, which i have advised him in future filings he must have a salary. The question comes up about the QBI deduction. On the k-1 there are no figures in box 17, however my research indicates that he might still qualify for a QBI deduction. The AI Bert says he can qualify for a deduction. My question is: the lack of him paying himself a salary, is that a problem? In the QBI instructions it says that we are to deduct his salary. Is this a problem if i create a QBI deduction. Can i still take a QBI deduction on the 1040?

Are you preparing the 1120S or just the 1040?

The QBI info is generated on the 1120S, and then populated on the K1. You don't add it after the fact if its not on the 1120S/K1.

Chris