Partnerships should report information regarding each trade or business of the partnership and: Reduce the ordinary income on page 1. Form 1065 for any non-specified businesses for the Qualified Business Income deduction Report on Schedule K-1 (Form 1065), box 20, and provide specific information to the partners of their share of Qualified Business Income items Make an adjustment on the partnership's Schedule M-2 for the Qualified Business Income that will be a deduction to the partner's accounts O Provide information on the partnership's Schedule K. page 4 of Form 1040 that will reduce ordinary income by 20% Question 51 of 75. Marshall (45) takes a $12,000 distribution from his IRA to pay some of his daughter's $18,000 qualified education expenses at an eligible educational institution. His daughter paid $8,000 of her expenses with a tax-free scholarship. How much of Marshall's IRA distribution is subject to the 10% tax on early distributions? $10,000 $6,000 $2,000 $0 Question 68 of 75. Health and accident insurance premiums paid on behalf of a greater than 2% S corporation shareholder-employee are deductions by the S corporation and reportable as: A distribution on the shareholder-employee's Schedule K-1, reducing the shareholder's basis in the corporation A separately stated expense on the shareholder-employee's Schedule K-1. Wages on the shareholder-employee's Form W-2, box 1, subject to income tax withholding Wages on the shareholder-employee's Form W-2, boxes 1, 3, and 5, subject to income and FICA withholding