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Level 3
December 7, 2019
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What is this? "Check box to opt out of including section 179 deduction in QBI" on the Section 199 Summary Worksheet on an 1120S?

  • December 7, 2019
  • 1 reply
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What is this? "Check box to opt out of including section 179 deduction in QBI" on the Section 199 Summary Worksheet on an 1120S?

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Best answer by itonewbie

This is an stopgap solution from Intuit for what we believe is an incorrect tax position they have taken on §179 with respect to pass-through from s-corp, at both the RPE and individual levels.

There's still an ongoing technical discussion with Intuit.  See this thread for the details: https://accountants-community.intuit.com/questions/1805981-problems-with-the-calc-of-qbi-and-section...

1 reply

itonewbie
itonewbieAnswer
Level 15
December 7, 2019

This is an stopgap solution from Intuit for what we believe is an incorrect tax position they have taken on §179 with respect to pass-through from s-corp, at both the RPE and individual levels.

There's still an ongoing technical discussion with Intuit.  See this thread for the details: https://accountants-community.intuit.com/questions/1805981-problems-with-the-calc-of-qbi-and-section...

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