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hkbea
Level 1
May 29, 2020
Question

QBI entity deduction calculator

  • May 29, 2020
  • 2 replies
  • 20 views

I am preparing Form 1041 with a Schedule E for a rental apartment with net income of $21,312.

The Form 8995 produces a QBI of $242.

How is that QBI on Form 8995 calculated?

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
May 29, 2020

Have you looked at the 8995 and followed the money to see how its calculating?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    abctax55
    abctax55
    Level 15
    May 29, 2020

    There's also a "20%" of taxable income (with a capital gains modification) that comes into play.

    Form 8995 shows the math (at least Lacerte does on an individual return...)

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