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laval650
Level 4
December 7, 2019
Solved

Can a QBI deduction from K-1s be calculated even when all the income from these K-1s is completely eliminated by past losses in 2018?

  • December 7, 2019
  • 2 replies
  • 16 views
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Best answer by sjrcpa

Yes. You use 2018 QBI. If the net is positive they may get the deduction.The deduction did not exist in 2017.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

Yes. You use 2018 QBI. If the net is positive they may get the deduction.The deduction did not exist in 2017.

The more I know the more I don’t know.
itonewbie
itonewbie
Level 15
December 7, 2019

Losses and deductions from tax years ended  before Jan 1, 2018 but disallowed, suspended, limited, or carried over to future years are not taken into account for QBI pursuant to §1.199A-3(b)(1)(iv).

What Susan explained, however, is correct for losses and deductions from tax years beginning Jan 1, 2018.

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