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QBI Fee


ILLMAS

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I am going to say that it depends.  If it is straight forward, absolutely a business, no phase-out or W-2 or un-adjusted basis calculation, then probably somewhere around $25 to $50.  If I am trying to help them determine if their rental is a business, or playing with a lot of calculations, or REITS, it is going to be a lot more than that. 

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And, I have a couple of businesses in hand (luckily, still missing some info, so I have an excuse to stall) that I am dreading. The extra reporting on the K-1s... I guess I should dive in, but I'm worried and procrastinating. Less worried when I also prepare the personal returns. But, I dread sending the K-1s to some preparer I don't know who'll tell my biz client what a bad job I did !!

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1 hour ago, Lion EA said:

And, I have a couple of businesses in hand (luckily, still missing some info, so I have an excuse to stall) that I am dreading. The extra reporting on the K-1s... I guess I should dive in, but I'm worried and procrastinating. Less worried when I also prepare the personal returns. But, I dread sending the K-1s to some preparer I don't know who'll tell my biz client what a bad job I did !!

Where I can find "Other Items" worksheet on the K-1 for QBI entry? , there is a note on the bottom of the K-1 worksheet however I cannot find it.

Thanks

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59 minutes ago, ILLMAS said:

Where I can find "Other Items" worksheet on the K-1 for QBI entry? , there is a note on the bottom of the K-1 worksheet however I cannot find it.

Thanks

Find the "other items" worksheet on a tab related to Sch K, Line 20c for partnerships, or Sch K, Line 17d for S corporations.

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Input of the numbers is simple, but deriving the numbers is the devil in the details.

Section 199A income - You have to adjust the ordinary income from the business by items on Sch K, such as charitable contributions made by the business and the Sec. 179 deduction.

Section 199A W-2 wages - There are numerous methods for coming up with the number, but I think the easiest one producing the largest number is Box 5 of Form W-3.

Section 199A unadjusted basis - You can't use assets older than 10 years old unless they are still being depreciated.  You have to include only depreciable assets. If any assets are in the business through like-kind exchanges there are special rules, and if a partnership has increased basis through a Sec. 754 election you can't use that.

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