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bobs
Level 2
December 7, 2019
Solved

Incorrectly entered inc.from a K1 on client return $126K vs $125K prior e-filing. Corrected= QBI was reduced & tax income increased by $7K. Client over $315K. What to do?

  • December 7, 2019
  • 3 replies
  • 15 views
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Best answer by TaxMonkey

You are saying a $1k difference in income made a $7k difference in tax?  Nope that doesn't really make sense.

3 replies

TaxMonkeyAnswer
Level 7
December 7, 2019

You are saying a $1k difference in income made a $7k difference in tax?  Nope that doesn't really make sense.

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
December 7, 2019
I think they mean, increasing income by $1,000 created $7000 more taxable income due to the QBI previously computed being disallowed/reduced.

I honestly don't have any clients with enough income for any of the QBI phaseouts to come into play, so I'm not familiar enough with the scenario to know if that's possible or not.
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