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Can you tell me how S corporations and Partnerships handle these deductions?

Date of Posting : June 30, 2020

Generally, S corporations and partnerships are not considered as taxpayers, and they can’t do the deduction themselves. But, S corporations and partnerships need to report QBI QBI, W-2 wages, UBIA of qualified property, qualified REIT dividends, and qualified PTP income on Schedule K-1 of each shareholder or owner so that each shareholder or partner can calculate deductions