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J
jjtrcka221
Level 3
May 2, 2024
Question

K-1

  • May 2, 2024
  • 1 reply
  • 11 views

My client has a K-1 showing ordinary income and the statement A QBI pass through attached to the K-1 shows a loss. Does that makes sense? Shouldn't they be the same amounts?

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1 reply

sjrcpa
sjrcpa
Level 15
May 2, 2024

All ordinary income may not be QBI. Some ordinary income could be foreign source, for example.

The more I know the more I don’t know.
    J
    jjtrcka221Author
    Level 3
    May 3, 2024

    Using hypothetical numbers:

    K1 box is 1,000 income

    Statement A shows - 15,000 loss for QBI.

    One of the other partners gets a special allocation for a loss. That loss shows in their box 1 on the k1 also, but their Qbi is the same 15,000 loss as my clients. 

    It looks like the statement A qbi is being allocated evenly, while the K1 box 1 shows the special allocation. 

    Shouldn't the statement A Qbi reflect the special allocation also?

    sjrcpa
    sjrcpa
    Level 15
    May 3, 2024

    It should.

    The more I know the more I don’t know.
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