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QBI entity deduction calculator

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Level 1
last updated ‎May 29, 2020 6:49 AM

I am preparing Form 1041 with a Schedule E for a rental apartment with net income of $21,312.

The Form 8995 produces a QBI of $242.

How is that QBI on Form 8995 calculated?

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Level 15
Level 15
last updated ‎May 29, 2020 6:49 AM

Have you looked at the 8995 and followed the money to see how its calculating?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15
last updated ‎May 29, 2020 6:49 AM

There's also a "20%" of taxable income (with a capital gains modification) that comes into play.

Form 8995 shows the math (at least Lacerte does on an individual return...)

Former Chump... umm.... AllStar.
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