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tomnorthrop
Level 1
January 12, 2019

Dummy client with business profit. i had to manually enter the profit in screen 16 to get the QBI credit. schedule c profit should automatically infer a QBI credit?

  • January 12, 2019
  • 2 replies
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2 replies

itonewbie
itonewbie
Level 15
January 12, 2019

Not necessarily.  One of the conditions for QBI is that it not only needs to be a trade or business but that items to be considered must be effectively connected to a trade or business within the US within the meaning of §864(c) but Lacerte will not be able to tell unless you indicate so.

---------------------------------------------------------------------------------Still an AllStar
itonewbie
itonewbie
Level 15
January 12, 2019

BTW, QBI is a deduction, not a credit.

---------------------------------------------------------------------------------Still an AllStar
George4Tacks
George4Tacks
Level 15
January 12, 2019

You are only working with the "draft" version. I would wait until at least the 3rd release before we really start to yell about inadequacies. Lacerte should also be able to compute the basis of those assets for that business, and the wages. We can then adjust if necessary. 

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