gene_scammahorn
Level 1
06-02-2020
05:54 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Small lawnmower engine LLC filing as an Scorp, operating income is $59,221 on the K-1 sent to 1040 but no deduction is being computed. Adjusted gross income is $109,000. What gives?
Labels
abctax55
Level 15
06-02-2020
06:21 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What is showing up of Form 8995?
SEHI on W-2?
Retirement plan contribution?
Capital gains?
Large itemized deductions?
HumanKind... Be Both
abctax55
Level 15
06-02-2020
06:30 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Who prepared the K-1?
DOES it show QBI info? Box 20 (or is that for a partnership...)
The eligibility for QBID is determined at the entity level....maybe lawnmower repair doesn't qualify? Maybe the K-1 is prepared incorrectly?
JUST income showing on the K-1 doesn't automatically trigger the computation.
To repeat myself....NMI
HumanKind... Be Both
IRonMaN
Level 15
06-02-2020
06:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What else is on the K-1?
Slava Ukraini!
abctax55
Level 15
06-02-2020
06:33 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
yeah... could have §179 on it...
HumanKind... Be Both
