Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
K-1
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
jjtrcka221
Level 2
05-01-2024
08:25 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client has a K-1 showing ordinary income and the statement A QBI pass through attached to the K-1 shows a loss. Does that makes sense? Shouldn't they be the same amounts?
Labels
3 Comments 3
jjtrcka221
Level 2
05-02-2024
07:46 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Using hypothetical numbers:
K1 box is 1,000 income
Statement A shows - 15,000 loss for QBI.
One of the other partners gets a special allocation for a loss. That loss shows in their box 1 on the k1 also, but their Qbi is the same 15,000 loss as my clients.
It looks like the statement A qbi is being allocated evenly, while the K1 box 1 shows the special allocation.
Shouldn't the statement A Qbi reflect the special allocation also?
