partnership guarantee payments

Forum|Forum|7 years ago
March 12, 2019
2 replies
13 views

do each partner's specific GPmts affect their allocable share of 199A QBI? that is, am i to specially allocate each partner their own share of 199A K-1 Box 20Z income, after adjusting for the GPmts that partner received?

Lacerte is simply flowing out a share based on P&Loss%, which seems inequitable to me between the partners

Lacerte Tax

This topic has been closed for replies.

Best answer by RETaxAcctBrk

I understand you simply view GP's as W2 wages, though without the benefit of being W2 wages for the purpose of the Income Phase Out Limitation Calcuation. So Lacerte allocating based on profit loss% is proper.

sjrcpa

Level 15

Nio need to ask twice.https://accountants-community.intuit.com/questions/1820775-does-lacerte-adjust-the-partners-199a-for-their-own-specific-guarantee-payments

The more I know the more I don’t know.

R

RETaxAcctBrkAnswer

Level 3

I understand you simply view GP's as W2 wages, though without the benefit of being W2 wages for the purpose of the Income Phase Out Limitation Calcuation. So Lacerte allocating based on profit loss% is proper.

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