I am having a problem with the Lacerte program accurately calculating the adjustments from passthrough ordinary income on a Partner K-1. The SE Tax and SEP IRA deduction amounts don't appear correct because it is taking the allocated portion of the 50% of the SE Tax and reducing the amount by another 50% and doing the same with the SEP IRA contribution. I called in today toTech Support and the answer was incorrect and my question was incorrectly interpreted. The deduction amounts do not make any sense? Was not able to get a satisfactory answer. Example: $92,260 I & GP of $69,847 = $162,107 subject to SE Tax. SE Tax $20,263 & 50% = $10,132. OI portion to reduce QBI is $5,766 and Lacerte lists $2,883 (50% of the $10,132 deducted on Sch1. The same formula was used to reduce the SEP IRA contribution of $30,395; OI portion of SEP $17,299 but the Lacerte lists 50% of the $17,299 = $8,650. They adjusted the passthrough K-1 OI of $92,261 by SE tax of $2,883 and SEP $8650 instead of adjustements of $5,766 SE tax and $17,299 SEP. Am I way off base and missing something?
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