Specified trade AND eligible business

Forum|Forum|6 years ago
December 7, 2019
1 reply
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In Lacerte, how do I enter information that allows part of partnership as specified trade or business (I know that is Other Schedule K) for the investment management and part is an active timber farm which is a qualified business?

Lacerte Tax

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Best answer by George4Tacks

I believe will require some separate computation and overrides of the the amounts. Entry is in Screen 22 Other Information all of the lines with an [O] are for override amounts. I do not believe the program allows enough flexibility to ID specific activities as qbi or not. Seems like an all or nothing.

George4TacksAnswer

Level 15

I believe will require some separate computation and overrides of the the amounts. Entry is in Screen 22 Other Information all of the lines with an [O] are for override amounts. I do not believe the program allows enough flexibility to ID specific activities as qbi or not. Seems like an all or nothing.

Answers are easy. Questions are hard!

George4Tacks

Level 15

@Kathi_at_Intuit might be able to add to this

Answers are easy. Questions are hard!

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