Specified trade AND eligible business

[bethbrake]

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?

[George4Tacks · Accepted solution]

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. 

[George4Tacks]

@Kathi_at_Intuit might be able to add to this

[TaxGuyBill]

It is kind of wonky, but ProSeries has the ability to say 'only x% is from a SSTB' on our QBI entry area.

[Kathi_at_Intuit]

@George4Tacks is right, Lacerte does not have this capability. You would have to use the Overrides available. I have entered an enhancement for this.

[itonewbie]

But x% might not be the right answer when QBI items are not proportional among businesses that qualify and those that don't though.  IMHO, some level of offline computation would be inevitable.