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QBI deduction for rental Schedule E is not appearing on 8995-A.....The rental property is for an S corp owned by the 100% shareholder.Not sure why the deduction is not showing on the form. The rental property is a trade or business according to my unders

Fast Freddy
Level 1
 
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5 Comments 5
abctax55
Level 15

Left side, under "Sections" - did you complete the info under *Qualified Business Income Deduction*?

 

HumanKind... Be Both
Fast Freddy
Level 1

The section was completed still no deduction .....the deduction showed last year but not this year...

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abctax55
Level 15

To the left of line 13, there a link, in green "WKS".  Click on that.

How much is the total income on the return?

HumanKind... Be Both
Fast Freddy
Level 1

The rental income is being reduced by QBI carryforwards from previous years as the S Corporation had loss carryforwards from previous years......not sure why s corp losses from previous years would affect the Sch e income for 2020. I have these two entities tied together through aggregation. Sch e has no previous loss carryforwards 

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sjrcpa
Level 15

The QBI deduction is based on total QBI.

The more I know, the more I don't know.