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QBI -- Coop Qualified Payments

clayinnd
Level 3

Lacerte has no entry in the partnership program nor the 1120-S module to enter

QBI allocable to qualified payments received from coopertive or an entry for W-2 Wages allocable to qualified payments received from a cooperative.

Thus, the program will not calculate the correct QBID for Partnership or S Corp farming returns.

What a mess

 

 

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Accepted Solutions
Kathi_at_Intuit
Employee
Employee

We are aware and these inputs will be coming in a future update of Lacerte for the 1065 and 1120s tax modules. As a workaround this information could be entered in supplemental information. If you are not sure how to enter in this information, type "supplemental information" in the Search box in the upper right of Lacerte, it would bring up these knowledge base articles:

Entering Partnership Schedule K-1 Supplemental Information for Partners

https://accountants-community.intuit.com/articles/1608631&src=lsccom 

Entering 1120s K-1 Supplemental Information

https://accountants-community.intuit.com/articles/1609412&src=lsccom

 

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5 Comments 5
Kathi_at_Intuit
Employee
Employee

We are aware and these inputs will be coming in a future update of Lacerte for the 1065 and 1120s tax modules. As a workaround this information could be entered in supplemental information. If you are not sure how to enter in this information, type "supplemental information" in the Search box in the upper right of Lacerte, it would bring up these knowledge base articles:

Entering Partnership Schedule K-1 Supplemental Information for Partners

https://accountants-community.intuit.com/articles/1608631&src=lsccom 

Entering 1120s K-1 Supplemental Information

https://accountants-community.intuit.com/articles/1609412&src=lsccom

 

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markdikeman
Level 1

When is this expected?  Many farm returns need to be filed by March 1 to avoid underpayment of estimated tax penalties!

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Kathi_at_Intuit
Employee
Employee

There is no estimated time when this will be added.

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mv_willows
Level 2

I have the same issue as I have a number of farmers with returns due March 1st. I follow Paul Neiffer from CliftonLarsonAllen regarding farm tax issues. He said that he was expecting to give an example of the supplemental info in his Farm Tax Network email subscription this week. It costs $$ for the subscription, but it might be worth it to meet the March 1 deadline.

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Kathi_at_Intuit
Employee
Employee

Just received this and thought that I would share:

https://content.govdelivery.com/accounts/USIRS/bulletins/2331db1

 

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