Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Incorrectly entered inc.from a K1 on client return $126K vs $125K prior e-filing. Corrected= QBI was reduced & tax income increased by $7K. Client over $315K. What to do?

bobs
Level 1
 
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
TaxMonkey
Level 8

You are saying a $1k difference in income made a $7k difference in tax?  Nope that doesn't really make sense.

View solution in original post

0 Cheers
3 Comments 3
TaxMonkey
Level 8

You are saying a $1k difference in income made a $7k difference in tax?  Nope that doesn't really make sense.

0 Cheers
Just-Lisa-Now-
Level 15
Level 15
I think they mean, increasing income by $1,000 created $7000 more taxable income due to the QBI previously computed being disallowed/reduced.

I honestly don't have any clients with enough income for any of the QBI phaseouts to come into play, so I'm not familiar enough with the scenario to know if that's possible or not.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
bobs
Level 1
That is correct
0 Cheers