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QBI deduction not computing

gene_scammahorn
Level 1

Small lawnmower engine LLC filing as an Scorp, operating income is $59,221 on the K-1 sent to 1040 but no deduction is being computed. Adjusted gross income is $109,000. What gives?

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abctax55
Level 15

What is showing up of Form 8995?

SEHI on W-2?

Retirement plan contribution?

Capital gains?

Large itemized deductions?

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abctax55
Level 15

Who prepared the K-1?

DOES it show QBI info?  Box 20 (or is that for a partnership...)

The eligibility for QBID is determined at the entity level....maybe lawnmower repair doesn't qualify?  Maybe the K-1 is prepared incorrectly?

JUST income showing on the K-1 doesn't automatically trigger the computation.

To repeat myself....NMI

 

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IRonMaN
Level 15

What else is on the K-1?

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
abctax55
Level 15

yeah... could have §179 on it...

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