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How do S corporations and partnerships manage the deduction?

Date of Posting : June 30, 2020

Generally, S corporations and partnerships do not pay taxes and are not eligible to deduce themselves. But all S corporations and companies have to give reports of QBI share of each shareholder or partner, W-2

wages, UBIA of qualified property, qualified REIT dividends, and qualified PTP income on Schedule K-1 so that shareholders or partners can calculate their deduction.