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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Forcing QBI for PTP Disposition (Sec 4797 Income)
Forcing QBI for PTP Disposition (Sec 4797 Income)
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masternc
Level 1
03-05-2024
01:44 PM
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A client had an MLP that was acquired last year and created a taxable transaction. The partnership provides details on how much gain is to be recaptured and reported on Form 4797. It also notes that income is QBI under Section 199A. I got the system to report the 4797 ordinary income and linked the Schedule D disposition to the K-1 but it is not flowing to the QBI deduction. The PTP box is checked in the K-1 entry. Any idea how to flow this to the QBI deduction?
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