Answered: I am concerned that a Gen Partner with 400K of ord income...

phoenixmike230 · ‎12-07-2019

sjrcpa · ‎12-07-2019

The amount that the partners say is Guaranteed Payments. It could be zero.

The more I know, the more I don't know.

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sjrcpa · ‎12-07-2019

The amount that the partners say is Guaranteed Payments. It could be zero.

The more I know, the more I don't know.

phoenixmike230 · ‎12-07-2019

I am concerned that a Gen Partner with 400K of ord income & no guar payments & than all 400K qualifies for QBI- is a bad look.

TaxGuyBill · ‎12-07-2019

As far as I know, there is no requirement (yet) for "reasonable compensation" via a Guaranteed Payment. I suspect with QBI that will change, but as of now, I'm not aware of anything that requires it.

phoenixmike230 · ‎12-07-2019

thank you

If a partnership that has no agreement & literally pays out to 5 partners over 1 million dollars, , how much ,if any, would be considered guaranteed payments?

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If a partnership that has no agreement &amp; literally pays out to 5 partners over 1 million dollars, , how much ,if any, would be considered guaranteed payments?

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.

If a partnership that has no agreement & literally pays out to 5 partners over 1 million dollars, , how much ,if any, would be considered guaranteed payments?