gene_scammahorn
Level 1
06-02-2020
05:54 PM
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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?
4 Comments 4
abctax55
Level 15
06-02-2020
06:30 PM
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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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