Question 12 of 75. When preparing Form 1065, U.S. Return of Partnership Income, what entries must be made in order for the partners to claim the qualified business income (1) deduction? The appropriate adjustments must be made on the partnership's balance sheet and reported correctly on page 5 of Form 1066 Each partner's Schedule K-1 (Form 1065) should report the amount of their OBI deduction in Part III, bax 13 other deduction The information each partner will need to calculate their share of the QBI deduction should be reported on their Schedule K-1 (Form 1065), box 20, other information, or an attached statement The QBI deduction will reduce the amount of the partnership's ordinary business income and must be included in total deductions reported on page 1 of Form 1065