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gene_scammahorn
Level 1
June 2, 2020
Question

QBI deduction not computing

  • June 2, 2020
  • 3 replies
  • 4 views

Small lawnmower engine LLC filing as an Scorp, operating income is $59,221 on the K-1 sent to 1040 but no deduction is being computed. Adjusted gross income is $109,000. What gives?

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3 replies

abctax55
abctax55
Level 15
June 2, 2020

What is showing up of Form 8995?

SEHI on W-2?

Retirement plan contribution?

Capital gains?

Large itemized deductions?

HumanKind... Be Both
    abctax55
    abctax55
    Level 15
    June 2, 2020

    Who prepared the K-1?

    DOES it show QBI info?  Box 20 (or is that for a partnership...)

    The eligibility for QBID is determined at the entity level....maybe lawnmower repair doesn't qualify?  Maybe the K-1 is prepared incorrectly?

    JUST income showing on the K-1 doesn't automatically trigger the computation.

    To repeat myself....NMI

     

    HumanKind... Be Both
      IRonMaN
      IRonMaN
      Level 15
      June 2, 2020

      What else is on the K-1?

      Slava Ukraini!
        abctax55
        abctax55
        Level 15
        June 2, 2020

        yeah... could have §179 on it...

        HumanKind... Be Both
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