itonewbie
Level 15

I thought Intuit is looking at providing an option to override that presumption?

§1.199A-6(b)(3) requires RPE's to report to shareholders/partners the correct amounts of pass-through QBI, W-2 wages, and UBIA with respect to each qualified trade or business.  Shareholders/partners are to rely on such information reported on their K-1 from the RPE and will NOT be making another determination at their level as to whether an activity flowing through from the RPE is or is not a qualified trade or business and, therefore, take into account or disregard the QBI-related items reported on the K-1.

The only adjustment shareholders/partners must make at their level is to reduce the QBI for deductions attributable to the respective qualified trade or business (which may incluce §179 allowed, 1/2 SE-tax deduction, etc.).

Please confirm Intuit is working on a solution as the K-1's prepared with PS will not otherwise meet the stipulated regulatory requirements for §199A.

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