thedocumentplac e
Level 1
12-06-2019
11:00 PM
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I enter the K-1 for my client and I scroll all the way down to the QBI part. I check yes for qualified section 199A business. However the program does not calculate the discount.
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sjrcpa
Level 15
12-06-2019
11:00 PM
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The 199A deduction is taken on the shareholder's 1040. The K-1 from the 1120S should provide the info needed to compute the deduction.
The more I know the more I don’t know.
thedocumentplac e
Level 1
12-06-2019
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thank you for your quick response. I just don't know why the QBI is not even calculating. The business income is not showing up under qualified business income
sjrcpa
Level 15
12-06-2019
11:00 PM
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I use Lacerte so I can't help.
The more I know the more I don’t know.
The more I know the more I don’t know.
IRonMaN
Level 15
12-06-2019
11:00 PM
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Towards the bottom of the K-1 worksheet there is box to click to link to a QBI worksheet. By linking to a worksheet you are creating the worksheet.
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thedocumentplac e
Level 1
12-06-2019
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yes I've linked it but doesn't calculate
IRonMaN
Level 15
12-06-2019
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What was their AGI?
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thedocumentplac e
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12-06-2019
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47,698
IRonMaN
Level 15
12-06-2019
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In the software, you will find a QBI worksheet ------ you may have to hunt a little to find it. Print it off to review the calculations to see what is going on.
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thedocumentplac e
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12-06-2019
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thank you
IRonMaN
Level 15
12-06-2019
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You betcha!
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paullouissmithu s
Level 2
02-12-2020
12:11 PM
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Where is worksheet to enter 199A under Code V on shareholders K-1
paullouissmithu s
Level 2
02-12-2020
12:13 PM
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I have the info form 1120S on K-1.
Where do I enter it on Shareholders 1040?
paullouissmithu s
Level 2
02-12-2020
12:18 PM
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I have the 199A info.
WHERE DO I PUT IT ON THE k-1