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The 2018 estimated tax worksheet in Lacerte doesn't appear to be taking the new QBI deduction into account?

Robert524
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George4Tacks
Level 15

I think we will need to do that on an individual basis. Does Schedule E apply? Does it apply for the Schedule C business? etc etc. I would just figure what you think it should be and entered it as an override. 

Qualified Business Income Deduction [O] 
Estimated Tax Worksheet             Screen 7; Code 644

The program uses the amount of qualified business deduction calculated on the current year’s return. The amounts are based on entries under the Deduction for Qualified Business Income section in the following screens: Business Income (Screen 16), Rental & Royalty Inc. (Screen 18), Farm Income (Screen 19) and Passthrough K-1’s (Screen 20) Enter an amount to override next year’s deduction.

Alternatively use 2017 Lacerte Tax Planner to do a more thorough job to estimate how next year will go. 

EDIT: The 1040 ES worksheet does have that wonderful Yellow Bar on it. Update due 2/6/18


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George4Tacks
Level 15

I think we will need to do that on an individual basis. Does Schedule E apply? Does it apply for the Schedule C business? etc etc. I would just figure what you think it should be and entered it as an override. 

Qualified Business Income Deduction [O] 
Estimated Tax Worksheet             Screen 7; Code 644

The program uses the amount of qualified business deduction calculated on the current year’s return. The amounts are based on entries under the Deduction for Qualified Business Income section in the following screens: Business Income (Screen 16), Rental & Royalty Inc. (Screen 18), Farm Income (Screen 19) and Passthrough K-1’s (Screen 20) Enter an amount to override next year’s deduction.

Alternatively use 2017 Lacerte Tax Planner to do a more thorough job to estimate how next year will go. 

EDIT: The 1040 ES worksheet does have that wonderful Yellow Bar on it. Update due 2/6/18


Answers are easy. Questions are hard!
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George4Tacks
Level 15
In case you missed it here is one more complexity of QBI clarified. <a rel="nofollow" target="_blank" href="http://www.gocomics.com/frank-and-ernest/2018/01/30">http://www.gocomics.com/frank-and-ernest/2018/0...>

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George4Tacks
Level 15

Update - I learned something new today see https://accountants-community.intuit.com/questions/1664558-tax-reform-impact-summary?jump_to=comment...


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