bethbrake
Level 2
12-07-2019
01:45 AM
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In Lacerte, how do I enter information that allows part of partnership as specified trade or business (I know that is Other Schedule K) for the investment management and part is an active timber farm which is a qualified business?
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George4Tacks
Level 15
12-07-2019
01:45 AM
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I believe will require some separate computation and overrides of the the amounts. Entry is in Screen 22 Other Information all of the lines with an [O] are for override amounts. I do not believe the program allows enough flexibility to ID specific activities as qbi or not. Seems like an all or nothing.
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George4Tacks
Level 15
12-07-2019
01:45 AM
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@Kathi_at_Intuit might be able to add to this
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
TaxGuyBill
Level 15
12-07-2019
01:45 AM
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It is kind of wonky, but ProSeries has the ability to say 'only x% is from a SSTB' on our QBI entry area.
Kathi_at_Intuit
Employee
12-07-2019
01:45 AM
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@George4Tacks is right, Lacerte does not have this capability. You would have to use the Overrides available. I have entered an enhancement for this.
itonewbie
Level 15
12-07-2019
01:45 AM
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But x% might not be the right answer when QBI items are not proportional among businesses that qualify and those that don't though. IMHO, some level of offline computation would be inevitable.
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