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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Fiduciary Module - Disallowed passive PTP losses are included in QBI calculation and K-1 to beneficiaries
Fiduciary Module - Disallowed passive PTP losses are included in QBI calculation and K-1 to beneficiaries
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CBCOCPA
Level 2
07-10-2020
08:37 AM
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Lacerte does not appear to be calculating QBI correctly in the Fiduciary module. Reg. 1.199A-3(c)(3)(ii) requires that PTP income/loss be included or allowed in determining taxable income for the taxable year before it is included in QBI. Lacerte is including ALL passive losses from PTPs in QBI and not limiting it to the portion included in taxable income for the year. Please give this a priority review. It appears to be a major error in calculation.
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1 Comment 1
kgreen8393
Level 5
07-10-2020
02:28 PM
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I talked with Lacerte help desk earlier this week about this issue. Although not a PTP, in my case, none of the losses are allowed for Federal due to passive limitations, but the 199A Schedule A is showing 100% of the current year loss as QBI and the 2018 QBI carryover.
According to the Lacerte employee, this is a known issue. They have known about this for a month. She said it probably would not be fixed this close to the due date! What!!!
In my case, I just extended the return. You can override to get the return to work, however, none of the carryovers of QBI will proforma to next year.
