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Level 2
February 13, 2020
Question

Special allocation of QBI on S Corp K-1

  • February 13, 2020
  • 1 reply
  • 11 views

I have an S corp client elected accounting cut-off due to a change in shareholder ownership during the year.  Therefore, I have to specially allocate the ordinary income in Lacete.  I was able to override that in the K-1 override screen but I couldn't find a field to override the QBI amounts.  Does anyone have any experience on this one?  Thanks.

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1 reply

Level 2
February 13, 2020

in 2019 Lacerte screen 27 Other schedule K items>Section 199a(QBI) information has overrides for QBI

Level 2
February 13, 2020

Thanks, Mag_a_rita.  I think screen 27 only allows you to override the total QBI.  I am still having trouble specially allocate the QBI amounts among shareholders.