QBI Proposed vs Final Regs

Forum|Forum|6 years ago
December 7, 2019
2 replies
22 views

It is my understanding that for 2018 you can follow either the proposed or the final regs for QBI. How can this be acheived in Lacerte. QBI shows up on worksheet that it is being reduced by SE deduction, SEP etc. You can override the QBI for the calculation but it doesn't change the worksheet that is calculating QBI.

Lacerte Tax

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Best answer by itonewbie

If you look at details of all the calculations, you will see that what you override as QBI for the activity (e.g. Sch C) will flow through to Loss Netting and Carryforward as well as the QBI Worksheet. However, QBI computations for the respective activities still show all the allocable deductions as if there is no override although these don't affect the actual QBID, which is an inconsistency.

FWIW, you may also like to refer to a recent thread here and judge for yourself whether you want to stick to this position: https://proconnect.intuit.com/community/Discussions-Tax-Reform/Proposed-vs-Final-Regulations/td-p/10...

itonewbieAnswer

Level 15

If you look at details of all the calculations, you will see that what you override as QBI for the activity (e.g. Sch C) will flow through to Loss Netting and Carryforward as well as the QBI Worksheet. However, QBI computations for the respective activities still show all the allocable deductions as if there is no override although these don't affect the actual QBID, which is an inconsistency.

FWIW, you may also like to refer to a recent thread here and judge for yourself whether you want to stick to this position: https://proconnect.intuit.com/community/Discussions-Tax-Reform/Proposed-vs-Final-Regulations/td-p/10...

---------------------------------------------------------------------------------Still an AllStar

itonewbie

Level 15

@Intuit Austin @Kathi_at_Intuit Could you take a look at this? Thanks!

---------------------------------------------------------------------------------Still an AllStar

Kathi_at_Intuit

Moderator

I have checked on this and development is aware. The unexpected behavior will be fixed in a future update of Lacerte.

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itonewbie

Level 15

Thanks for the update, Kathi!

---------------------------------------------------------------------------------Still an AllStar

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