Torrellis
Level 2
12-06-2019
07:53 PM
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Is the Qualified Business Income deduction calculated automatically on 1120S. I not, where is the manual calculation entered?
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abctax55
Level 15
12-06-2019
07:53 PM
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Wait for an update, as has been discussed a zillion times on this forum.
Just one recent one, from this morning:
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taxiowa
Level 9
12-06-2019
07:53 PM
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Actually on the partnership returns it is just a matter of telling program that taxpayer is a specified service or not. That is entered on Sec 199A worksheet. Then the info flows to the K1's. You may have to make some adjustments to wages and asset balance and income, but that is all. I imagine it is the same for s-corp. Have not done any of those yet.
abctax55
Level 15
12-06-2019
07:53 PM
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:clap:
HumanKind... Be Both
Torrellis
Level 2
12-06-2019
07:53 PM
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Qualified Business Income is reported on the worksheet from what I can see. Where is the 20% deduction calculated? On the shareholder's 1040? If so, how?
taxiowa
Level 9
12-06-2019
07:53 PM
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The codes to enter on 1040 K1 entry worksheet are on the landscape attachment statement you create. Use these codes on the individual's 1040. But not yet as pointed out repeatedly below the 1040 is not functional yet for K1's. Also you have to print the K-1 199A statement separately as it does not print with the K1's.
Accountant-Man
Level 13
12-06-2019
07:53 PM
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The 20% deduction has other personal i.e., 1040 limitations, so there is no way the k1 can calculate it.
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taxiowa
Level 9
12-06-2019
07:53 PM
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True. The K1 only shows numbers from s-corp to figure on each individuals 1040 return.
abctax55
Level 15
12-06-2019
07:53 PM
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Wait for an update, as has been discussed a zillion times on this forum.
Just one recent one, from this morning:
HumanKind... Be Both
IRonMaN
Level 15
12-06-2019
07:53 PM
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A zillion? Who is over exaggerating now? It can't be over 9 billion.
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Slava Ukraini!
abctax55
Level 15
12-06-2019
07:53 PM
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The truth hurts, eh?
To the issuer of the "no" vote...learn to read/research/explore a wee bit on your own instead of depending on others to do so for you.
To the issuer of the "no" vote...learn to read/research/explore a wee bit on your own instead of depending on others to do so for you.
HumanKind... Be Both
abctax55
Level 15
12-06-2019
07:53 PM
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AND...doesn't PS send out notices about what's going on like Lacerte does????
HumanKind... Be Both
Ernie
Level 9
12-06-2019
07:53 PM
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Pro Series Notices - we just get an e-mail saying the number one question of the week is how do you install the software, etc. Never any program errors.
abctax55
Level 15
12-06-2019
07:53 PM
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Hmm...perhaps a subject for Friday's Town Hall meeting ?
HumanKind... Be Both
IRonMaN
Level 15
12-06-2019
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ProSeries does issue alerts periodically when you open up the software. And the good news is five people actually read those alerts.
Slava Ukraini!
Slava Ukraini!
Just-Lisa-Now-
Level 15
12-06-2019
07:53 PM
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I actually haven't seen many of those alerts or notice banners this year. I always read them but most of the time they are old news.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪