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DO 1120-S PROFIT QUALITY AS QBI? MATERIAL PARTICIPATION 100% GRAVEL HAULING.

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Level 1
last updated ‎December 07, 2019 7:32 AM

ordinary income from 1120-s $72153.00 gross income is under $315,000.

I can't get the 20% deduction for qualified business income to flow through 

the personal return .There are two other businesses that qualify for the 

deduction on the return which total income of about $3,600.00.

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Level 15
last updated ‎December 07, 2019 7:32 AM

You need to enter all of the applicable QBI information on the K-1 worksheet on the 1040 and answer the questions correctly towards the bottom of the worksheet.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Highlighted
Level 15
last updated ‎December 07, 2019 7:32 AM

You need to enter all of the applicable QBI information on the K-1 worksheet on the 1040 and answer the questions correctly towards the bottom of the worksheet.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Level 15
last updated ‎December 07, 2019 7:32 AM
Call support.  They are trained mind readers, we evidently aren't.
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Highlighted
Level 1
last updated ‎December 07, 2019 7:32 AM
I figured it out myself,went to IRS info on QBI.
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Level 15
last updated ‎December 07, 2019 7:32 AM
So it was an input error?  And you gave Jeff a no vote for pointing that out to you.  Hmmm
Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 1
last updated ‎December 07, 2019 7:32 AM
it was my fault the K-! was incomplete.
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