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We discovered a programming issue in ProSeries for Partnership and S Corporation returns that may have resulted in an incorrect QBI amount.
Returns with:
- Activities that have QBI, Amortization and Section 179, the Section 179 deduction was not included in QBI. This caused an overstatement of QBI on the entity return which was passed on to the K-1 partner/shareholder. This issue may have caused the partner/shareholder to understate their taxable income on the 1040 return, resulting in a tax underpayment.
- Certain conditions can cause an incorrect QBI amount reported on partner/shareholder K-1 when Section 179 is limited. This caused the partner/shareholder K-1 to understate QBI amount and overstate the carryover to the 2019 return. This issue may have caused the partner/shareholder to overstate taxable income on the 1040 return, resulting in an overpayment of tax.
The list of your impacted return submission IDs can be accessed by entering your Customer Account Number here: Impacted Clients Lookup
Thank you,
ProConnect ProSeries Product Manager
Intuit ProConnect
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All- Thank you for your diligence with your security. I can confirm that this email is from Intuit, and has been sent to our ProSeries users affected.
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All- Thank you for your diligence with your security. I can confirm that this email is from Intuit, and has been sent to our ProSeries users affected.
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I believe so, I also received the e-mail.
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