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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 3 K-1s from S Corp, SSTB, but Form 8895 is BLANK
3 K-1s from S Corp, SSTB, but Form 8895 is BLANK
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dbtaxsolutions
Level 4
06-06-2022
12:15 PM
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Hi, I was wondering if anyone else can assist. I am working on tax return with 3 k-1 from S Corps, and I have indicated it as SSTB on the k-1 but none is populating on the form 8895 A at all.
- K-1 ordinary income $420 553, W2 $138 504, and UBIA $ 35 456 (duplicate this is it is similar for another k-1 for spouse)
- K-1 Ordinary Income -9889 W2, 45 000, UBIA 650
Taxable income is $1 013 931.00
Just wanted to confirm, it looks like they didn't qualify for QBI due to taxable income and being SSTB.
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sjrcpa
Level 15
06-06-2022
02:57 PM
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No QBI because of SSTB and high income.
The more I know, the more I don't know.
dbtaxsolutions
Level 4
06-06-2022
08:45 PM
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Thank you, that's what I understand, just wanted to confirm. The price one pay when you make more money!!
