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    Incorrectly entered inc.from a K1 on client return $126K vs $125K prior e-filing. Corrected= QBI was reduced & tax income increased by $7K. Client over $315K. What to do?

    bobs
    Level 1
     
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    TaxMonkey
    Level 8

    You are saying a $1k difference in income made a $7k difference in tax?  Nope that doesn't really make sense.

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    3 Comments 3
    TaxMonkey
    Level 8

    You are saying a $1k difference in income made a $7k difference in tax?  Nope that doesn't really make sense.

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    Just-Lisa-Now-
    Level 15
    Level 15
    I think they mean, increasing income by $1,000 created $7000 more taxable income due to the QBI previously computed being disallowed/reduced.

    I honestly don't have any clients with enough income for any of the QBI phaseouts to come into play, so I'm not familiar enough with the scenario to know if that's possible or not.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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    bobs
    Level 1
    That is correct
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