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Tax Explorer
Level 5
September 21, 2022
Solved

Only Claim 199A QBI Deduction in Profit Years?

  • September 21, 2022
  • 2 replies
  • 14 views

Hi all,

I have a question with regards to claiming the QBI deduction. Is it possible to only claim the QBI deduction in the profit years but not the loss years for partnerships and s-corps? If so, can you provide the guidance on this issue? I couldn't find any tax guidance on this.

This topic has been closed for replies.
Best answer by Just-Lisa-Now-
The business either qualifies for QBI or it doesnt, you cant flip flop back and forth as it suits you.

2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community ChampionAnswer
Intuit Community Champion
September 21, 2022
The business either qualifies for QBI or it doesnt, you cant flip flop back and forth as it suits you.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    ljr
    ljr
    Level 9
    September 21, 2022

    seriously no. The year that there is a loss gets carried forward to reduce the profit in the following year. If it is qualified business you cannot pick your years.

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